Raghuram Rajan calls upon EMs to build forex reserves
You have criticized monetary policymakers’ response to the 2008 global economic crisis, which had profound spillover effects to which they “paid insufficient heed.” In your new book, Monetary Policy and Its Unintended Consequences, you offer a “sketch of a model” showing how monetary-policy spillovers “cause leveraging, booms, and eventually busts in capital-receiving countries.” How … Read more