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Ep 15: Controlling Credit (with Eric Monnet)
Library of Mistakes
The Dynamic of Interest Rates
The main idea is very simple, that instead of raising interest rates, you just restrict credit by all these quantitative instruments in order to fight inflation or to control the business cycle. So this took many, many forms and a lot of them are reviewed in the book. And it's still true in many emerging markets that central banks affects credit and business cycle inflation through quantity rationing rather than through interest rates.
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