Macro Lit Review 3: Highlights from Early 2023 with George Selgin
Macro Musings with David Beckworth
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Why Shadow Banking Didn't Cause the 2008 Financial Crisis
The book is called Why Shadow Banking Didn't Cause the Financial Crisis and Why Regulating Contagion Won't Help. Norbert says too much blame has been placed on so-called shadow banks and not enough blame on ordinary commercial banks. Governor Chris Waller gave a speech recently at the Council of Foreign Relations in New York back on January 20th. He said, look, if something happens and we need to cut rates because the economy begins to falter this year, that doesn't mean we will necessarily end QT. We will keep doing it.
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