Why Some Times Are Different: Macroeconomic Policy and the Aftermath of Financial Crises
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This paper was presented as the Economica Phillips Lecture at the London School of Economics on May 17, 2017. We are grateful to Francesco Caselli, Joshua Hausman, Maurice Obstfeld, Ricardo Reis, and seminar participants at the London School of Economics, the University of New South Wales, and the Bank of England for helpful comments and suggestions. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.