abnegate 发表于 2025-3-26 23:40:22
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Introductionhat experienced in the Great Depression. Even though this slide was arrested, the decline in output in the world’s advanced industrial economies in 2009 was nearly 4% (IMF 2009a). In round numbers the fall in output amounted to over $4 trillion.含铁 发表于 2025-3-27 06:05:15
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Too Much of a Good Thingitude of the subsequent contraction.. Finance built a superstructure based on two assumptions that would prove to be flawed: first, that recessions were a thing of the past (an assumption that markets shared with policymakers ), and second, that there would always be too much liquidit关心 发表于 2025-3-27 17:32:07
Conditional Containment did inflationary pressures, especially from commodity prices. This economic environment conditioned containment of the crisis. Unlike prior crises in 1987, 1998 and 2001 the authorities did not counter the crisis with immediate reductions in short-term interest rates. The authorities kept interestuncertain 发表于 2025-3-27 20:25:47
Moving towards Meltdownrgest participants in equity and fixed income markets around the world. It had nearly $700 billion of liabilities to firms and individuals around the world. It was counterparty to practically every major financial institution. It had hundreds of thousands of trades due to settle in the US, UK and otDUCE 发表于 2025-3-27 22:39:42
Better Macroeconomic Policyre crises. In the first years of the twenty-first century macroeconomic policymakers had effectively assumed that the financial intermediaries would function as passive transmitters of policy measures to the broader economy. Indeed, monetary policymakers’ economic models usually made little or no re最小 发表于 2025-3-28 03:39:00
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