4  For more on this point see Praet, P. (2015), “Price stability: a sinking will-o’-the-wisp?”, intervention during a panel on “The elusive pursuit of inflation” at the IMF Spring Meetings Seminar, Washington, 16 April 2015.
More recently, however, deteriorating financial market conditions have disrupted the commercial paper market and other forms of financing for a wide range of firms, including investment-grade firms. Financing for commercial real estate projects has also tightened very significantly. When worried lenders tighten credit, then spending, production, and job creation slow.