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We have been wrestling with one of the most severe recessions in the post-World War II era; moreover, it has been accompanied by a widespread financial crisis. After unprecedented policy responses, there are signs of recovery on both fronts. So, it is not too early to take stock of our actions and attempt to learn lessons from our recent past-lessons for monetary policy, financial regulation, and other aspects of the crisis. The author's objective here is to focus on lessons for monetary policy alone and leave discussion of regulatory issues and financial markets for another day.
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