Financial Stability Factors and the Severity of the Current Recession [UBS European Virtual Conference]

Abstract: Economic shocks happen, but the severity of the consequences depends on how fragile, or susceptible to financial instability, the economy was prior to the shock. In the U.S., excessive risk-taking behavior prior to COVID-19 is likely to delay the recovery, even though the initial response by fiscal and monetary policymakers was a prompt and substantial mitigant.

Keywords: financial stability; recovery; COVID-19; pandemic; financial imbalances; shock;

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Bibliographic Information

Provider: Federal Reserve Bank of Boston

Part of Series: Speech

Publication Date: 2020-11-10

Note: Identical remarks were presented later in the day as part of the Annual Robert Glauber Lecture hosted by the Mossavar-Rahmani Center for Business & Government at Harvard University’s Kennedy School of Government