Return of the Great Moderation?

First published: Llewellyn Consulting, 6/06/2014

The great moderation was an ultimately costly illusion
Yet paradoxically, resolution of the crisis seems to be creating a second moderation
But if it is doing so, it is only by virtue of economic performance that is generally sub-par
The previous Great Moderation ended in great volatility: this one may well do so too

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