After the Fall
---- Acknowledgments ----
This paper was prepared for the Federal Reserve Bank of Kansas City Jackson Hole Symposium, Macroeconomic Challenges: The Decade Ahead, August 26-28, 2010. We appreciate the comments of Mohamed El-Erian, Craig Hakkio, Ken Rogoff, Bill White and conference participants. The views expressed, of course, are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.