Back in 2008, a critical opportunity was missed when the burden of post-crisis adjustment was tilted heavily in favor of creditors relative to debtors. The result was not only prolonged stagnation, but also the Republican Party’s embrace of demagogic populism and the election of Donald Trump.
In focus
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2008: A Retrospective on the Financial Crisis
Double Whammy: Implicit Subsidies and the Great Financial Crisis
Perspectives
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