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Commentary: The problem with reusing the 2009 global financial crisis playbook to deal with COVID-19

NEW HAVEN, Connecticut: In an effort to get a handle on the economic and financial consequences of the COVID-19 pandemic, the first instinct is to search for precedents and remedies in earlier crises.

Many have pointed to the 2008 global financial crisis (GFC) as the most relevant example, especially in the aftermath of the extraordinary monetary-policy actions announced by the US Federal Reserve on Mar 15. That would be an unfortunate mistake.



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