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5min chapter
The Recession Paradox | Alfonso Peccatiello
Forward Guidance
The Problem With Bank Credit Creation
The trend of economies over the last 30 years has been the same wherever you look at. We have had a drop in structural growth, and demographics are a headwind for many developed markets. So labor force growth has stagnated even turned negative in many developed markets because people grow older,. productivity has been around 1%, maybe a bit less. Total credit to the economy as percentage of GDP has grown material over the past 30 years.
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