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But the lesson of the past year surely was that even quite a sharp tightening of fiscal policy does not necessarily destroy growth.
It was the first month in which the total of such loans surpassed the precredit-crisis peak of $1.609 trillion, in July 2008, two months before the collapse of Lehman Brothers caused a sharp tightening of lending standards.
That Lehman was not deemed important enough to save signaled to investors that there was risk where they thought there was none and caused a sharp tightening of credit for many borrowers, despite efforts by central banks to push interest rates down.
Similar(57)
"Some members also noted that an increase in Bank rate at this meeting might be misinterpreted as a signal that the committee would attempt to bring inflation back to the target excessively rapidly, which could cause expectations of a relatively sharp tightening of monetary policy that could have a detrimental impact on confidence and activity," the minutes said.
The most recent survey of credit conditions in the euro area shows a sharp tightening in September.
The latest hedge-fund crisis Amaranth's demise after making disastrous bets on natural gas barely troubled the markets.A sharp tightening of credit, expected after years of easy money, may yet wreak havoc.
Perhaps Americans have faith that Congress will reach an agreement and avert a sharp fiscal tightening.
Sharp tightening followed by excessive expansion is a bad way to run things.
Romania suffered a sharp reversal of fortune as the global financial crisis worsened and foreign lending tightened up.
There is a sharp intake of breath.
This is a sharp change of attitude.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com