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

Hidden Forces

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The Relationship Between Interest Rates and Asset Prices

David Frum: I was trying to suggest that if you have the spending power in the economy more broadly allocated, lowering interest rates could result in consumer price inflation. The reason I brought up the relationship between interest rates and asset prices is because what I wanted to talk about was populism of the late 1800s. He says there wasn't a single systematic statistical study of the 1896 election where William Jennings Bryan lost but economic grievances were pretty important. And it turned out that the two decades before the election had been decades of deflation and declining foreign prices which made rural interests very unhappy.

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