Steven Kelly on Crises, Stability, and the Fed’s Role in Financial Markets
Macro Musings with David Beckworth
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The Fed Unbound Central Banking in Time of Crisis
Our economy's becoming more and more driven or funded by market finance versus banks. We've decided it's a huge public good to keep the banks resilient in a crisis. And we've basically seen them be resilient. So if we want a reform shadow banking, i'm totally sympathetic. I don't know that a crisis is the time to do that because these assets are serving macro needs.
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