27 - Claudio Borio on Financial Stability, the Triffin Dilemma, and International Monetary Policy
Macro Musings with David Beckworth
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The Natural Interst Rate Discussion
Inflation was low and stable, but low interest rates were contributing to the build up of financial nbalances that were then creating major problems down the roadfor for the real economy. The notion of the natural rates should also incorporate some sense of equilibrium stability in the financial system because that financial system and the real economy are inextricably linked.
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