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Volume 19  Number 1  •  Summer 2014
Other Issues:  

The Imprudence of Macroprudential Policy
By Alexander William Salter
This article appeared in the Summer 2014 issue of The Independent Review

The financial crisis of 2008 has prompted some economists to call for government regulators to expand their reach—by trying to minimize financial disruptions and “systemic risks” that might harm the broader economy. Their arguments, however, ignore two fundamental challenges for prudent regulation: the knowledge problem and the incentive problem.

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