For half a century, we monetary economists have focused overwhelmingly on the inflation/disinflation cycle. If we said monetary policy was too easy at some point, we were thinking of the dangers of inflation. If recessions resulted from monetary tightening, the motive was disinflation. I believe the result of the global financial crisis will be a . . . → Read More: QUOTE OF THE DAY — CREDIT CYCLES & FINANCIAL CYCLES
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