After the Deluge?
Abstract
The bursting of the real estate market bubble is considered by many as ground zero for the meltdown experienced by the financial markets that led to the Great Recession. At the time, politicians and economists offered many possible solutions to the crisis. Different people advanced a variety of ideas on how to restore confidence in the system and avoid an economic slowdown. That is a moot point now. The Obama administration and the Fed made their choice and there is no way to go back in time. All we can do now is a postmortem analysis of the economic data to gain insights into which policies worked and which did not work. In the process, we reach some conclusions regarding the effectiveness of what we call ...
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