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Sources of Financial Instability: Challenges for Monetary and Fiscal Policy | Claudio Borio

Hidden Forces

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After the second world war, there was a sense that manitary policy didn't have much iffect on the economy. Financial factors were not playing a big role for quite some time because of reconstruction needed after the war. Then when we got to the late sixties, ventis the big problem for the world ecolony, was high inflation. And then at that point you had a very big debate between the monatorists and the cansians. Wher cansers would say, where a monitary policy doesn't really have a very specific roll, whereas the monitors would say, what monitary policy is the key in order to brin the flation round.

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