FOR SIX YEARS, the central banks of the world’s largest economies have been engaged in a giant experiment. In 2014, it will become clearer whether this experiment has succeeded.
Confronted by a crisis that threatened to turn into a global depression, central banks massively expanded their balance sheets, not only providing traditional lender-of-last-resort funding to the financial system, but also embarking on large-scale asset…
Excerpt from: Mission Accomplished? Not Yet
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