Third, he paved the way for the monetary and prudential policies of central banks in terms of setting market interest rates and providing liquidity. With respect to the first point, Thornton deemed that the reason rapid financial swings lead to economic swings lies in the nature of money. During an economic downturn, manufacturers 8  According to Palma (2022, pp.
Let me now explain our assessment in greater detail, starting with the economic analysis. Real GDP increased by 0.6%, quarter on quarter, in the fourth quarter of 2017, after increasing by 0.7% in the third quarter. The latest economic data and survey results indicate continued strong and broad-based growth momentum.