Classically CB backstopped commercial banks. 2008 was still bank-centered crisis. As credit moved to bond markets -… https://t.co/nO496vQGnY
@widespreadhaze Thank you. Very interesting indeed!
@BisciariP @OECDeconomy @LauBooneEco Agreed. But look at the disposable income figures and you see that the US “overcompensated” in 2020. Disposable income after transfers went