The actions taken by central banks and other authorities to stabilize a panic in the short run can work against stability in the long run if investors and firms infer from those actions that they will never bear the full consequences of excessive risk-taking.

Ben Bernanke

Ben Bernanke

Actions Against Authorities Banks Bear Central Consequences Excessive Full Infer Investors Long Long Run Never Other Panic Risk-Taking Run Short Stability Stabilize Taken Those Will Work

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