John Murray - Latest
-
-
-
May 19, 2009
When the Unconventional Becomes Conventional: Monetary Policy in Extraordinary Times
The financial turbulence that began in the U.S. subprime-mortgage market in August 2007 reached maximum intensity towards the end of 2008, and enveloped the entire global economy. Strains that had previously been concentrated in a few major financial centers turned into a full-blown crisis, affecting both industrial and emerging-market economies through trade, financial, and confidence channels.