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The Global Financial Crisis: Facts and Lessons for Economists

2. Pre-crisis monetary policy thinking. Schools of thought had a remarkable convergence before the 2008 crisis.Backed by the New Keynesian paradigm Macroeconomists thought that: Monetary policy should have one target, inflation, and one instrument, the policy rate. As long as inflation was stable, the output gap was expected to be small and stable; and 1 target , 1 tool monetary policy did its job..

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The Global Financial Crisis: Facts and Lessons for Economists

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