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Sources of Financial Instability: Challenges for Monetary and Fiscal Policy | Claudio Borio

Hidden Forces

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Central Bank Policy

iwor makes a more controversial suggestion, and you may disagree with it. It has to do with the interostrate side of this equation. I think that sentral banks are fully aware that something that they they need to avoid is precisely the sense that they will always be there deal with any marked disruptions. And what they want to make sure is that whenever they react to financial developments, they e act to them because of their efect on economic activity.

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