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Macroeconomic policies in the United States and the rest of the fully developed world to a substantial degree were jointly responsible for the crisis. In the United States fiscal policy contributed to a decline in the US saving rate, and monetary policy was too easy for too long. In Japan the mix of monetary and fiscal policies distorted the global economy and financial system; monetary policy was too easy for too long. Once the Japanese economy began to recover earlier this decade, the authorities paid excessive attention to fiscal repair and insufficient attention to restoring normal monetary conditions.
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