The short view

He has served “Great Stagnation.” At the same time, the crisis and the in a number of positions in Canada’s Department extraordinary policy responses to it have bequeathed of Finance, most recently as general director of the a number of legacies that cloud the global economic Economic and Fiscal Policy Branch, in addition to outlook and pose significant adjustment challenges to the serving on the [...] The experience of Canada, with a — admittedly imperfect — of the relative importance attached to the financial system highly integrated with the United States, but that largely challenges to global financial stability as a result of developments in the avoided the financial excesses and subsequent disruption elsewhere, is euro zone, the United States, Japan and emerging markets, is given by the co [...] In this respect, the adoption 14 Once thought to be a pathology of the extraordinary circumstances of unconventional measures by central banks reflects the of the Great Depression, signs of the liquidity trap, in which traditional exceptional circumstances that are the legacy of the global monetary policy instruments are rendered less effective, are evident in Japan’s two-decades-long fight with d [...] If the investments pay off, the private institution reaps the return and the individual is rewarded 21 Even before the announcement of an increase in the Bank of Japan’s with a large monetary compensation; if the investment fails, however, inflation target, the Japanese yen depreciated significantly in late 2012 the institution is rescued by central bank liquidity.