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Academic Insights for the Thinking World

  • Author: Francesco Papadia

Is the pre-crisis central bank model still viable after the Great Recession?

The global financial crisis, which started a decade ago and led to the Great Recession, caused profound changes in central bank practices. Extraordinary responsibilities were thrust upon central banks, particularly the European Central Bank and the US Federal Reserve. A key issue now is whether there will be a return to the central bank model which dominated advanced economies for over two decades leading up to the crisis.

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