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While economic activity continues to lag, Bernanke and Draghi are using monetary tools to stimulate aggregate demand and aver catastrophic scenarios.
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Today, any objective economist will tell you that, despite all of the monetary and fiscal stimulus, aggregate demand and economic activity has been minimally impacted.
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Monetary authorities did little to stimulate aggregate demand, because they were in a dire situation: they had driven short-term rates to near zero to fight deflation.
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Both disasters prompted policy makers to ease monetary and fiscal conditions that fueled an expansion in the aggregate demand, especially a construction boom that boosted equity prices, especially shares of companies involved directly or indirectly in reconstruction.
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They assign less importance to the gap between aggregate demand and supply in determining inflation, and more importance to the stance of monetary policy.
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