"An uncertain economic outlook, and the inadequacy of policy to counter this, has weakened aggregate demand, holding back investment and hiring, " ILO director general Guy Ryder said.

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Under fixed exchange rates, governments should tighten fiscal policy when money floods in, in order to dampen aggregate demand.

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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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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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