Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

If you can indulge just one more observation, which is that one thing we learn from these episodes is that the political economy matters tremendously. The public is very reluctant to get involved in putting money into banks, and only when they become persuaded that doing so is essential do you get that result. In Japan it took a long time. In Sweden it was much quicker, and that’s an important element. A two-hander from President Bullard. Yes.

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