“The bad outcomes that macroprudential policies prevent have to be estimated. But counterfactuals are difficult to sell: ‘it could have been worse’ doesn’t quite have the ring of ‘you’ve never had it so good’.”
“The bad outcomes that macroprudential policies prevent have to be estimated. But counterfactuals are difficult to sell: ‘it could have been worse’ doesn’t quite have the ring of ‘you’ve never had it so good’.”
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