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Martin Feldstein had a hard time choosing which of the innumerable problems to focus on, he admits, but ultimately settles on near-term challenges faced by the U.S. First off, this downturn is a typical, past recessions generally resulted from the Federal Reserve responding to inflation by nudging up interest rates and slowing the economy. This one involves two disparate but interacting problems: "The weakness of aggregate demand and the dysfunctional character of the financial markets."
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