Sep
2
Aron Schiff has this nice link to Stephen Cecchetti’s explanation.
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I think every man and his dog learned the word subprime recently. I don’t know much about banking and finance, but Stephen Cecchetti, a former director of research at the Federal Reserve Bank of New York, knows what he’s talking about and explains the subprime crisis in (almost) layman’s terms in a clearly written post on the VoxEU blog.
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