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The Great Liquidity Debate | Michael Howell & Andy Constan

Forward Guidance

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The Simplified Model of Global Liquidity

A lot of investors have been caught in the jaws of that chart where liquidity is going down because of bank reserves. It's not also the correct thing to do to compare central bank balance sheets of different economies and lump them together, says Michael Bociurkiw. The issue is that if you go back pre GFC, the central banks had a very small effect or a much more modest effect on financial markets.

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