Lessons from 2008 and 2020 by Blu Putnam, CME Group Chief Economist

The nature of the economic disruptions during the Great Recession of 2008-09 and the Pandemic of 2020 were entirely different, and so were the monetary and fiscal policy responses. 2008 was about a financial crisis and involved a rapid deleveraging of the financial system. The pandemic of 2020 was about a forced shutdown of key parts of the service economy. There are important lessons embedded inside the differences in causes of the two recessions and the policy responses.

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