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Barry Eichengreen | The Legacy of the Great Moderation: Currency, Populism, and Credit

Hidden Forces

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Is There a Need for a Central Bank to Set the Fed Funds Rate?

The European banks loaded up on subprime paper issued in the United States and that had a lot to do with the European financial crisis. They created a need for regulatory reform but I suppose you could certainly argue that it could have been handled better. The Fed is setting or regulating one interest rate in the economy but with the goal of influencing along with other lenders and borrowers, this whole panoply of different interest rates.

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