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

Hidden Forces

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The Great Financial Crisis

A key tenet of the monetoris was that by controlling the man supply, you be able to control inflation. Now what the great financial crisis have shown is that that assumption was not quite right. In fact, we hade inflation that slow and stable all the way up to the crisis. And during that phase, what economists called the great moderation, financial ibalances were building up as a result of changes in policy framework.

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