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The Great RecessionLessons for Central Bankers$
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Jacob Braude, Zvi Eckstein, Stanley Fischer, and Karnit Flug

Print publication date: 2013

Print ISBN-13: 9780262018340

Published to MIT Press Scholarship Online: January 2015

DOI: 10.7551/mitpress/9780262018340.001.0001

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Lessons from the Financial Crisis: An Australian Perspective

Lessons from the Financial Crisis: An Australian Perspective

(p.245) 9 Lessons from the Financial Crisis: An Australian Perspective
The Great Recession

Jonathan Kearns

The MIT Press

Australia was one of only a couple of OECD countries to avoid a sustained contraction of GDP in 2008/2009 in what has been termed the ‘great recession’. This chapter summarises the policy framework in Australia prior to the crisis and the policy response during the crisis. It also compares these policies with those in Canada, and the economic outcomes in the two economies, highlighting the role that good fortune played in Australia. It concludes by drawing several lessons for policy from Australia's experience.

Keywords:   Australia, Canada, Great Recession, Financial crisis, Policy lessons

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