Addiction Liability And The Roaring Twenties

For the better part of a dozen years after the financial crisis, central banks were widely viewed as responsive to market outcomes. In itself, that was nothing new. The vaunted "Greenspan put" predated derisive social media memes about policymaker complicity in financial asset bubbles by a quarter century. But in the post-Lehman era, monetary policy's responsiveness to developments in risk assets became more frequentative and iterative to the point that markets, and particularly equities, acte

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