Abstract
By November 2013, more than five years had elapsed since the world economy experienced its deepest financial crisis since the Great Depression. Yet, the return to normalcy was nowhere in sight. Although growth gradually picked up in the United States, labor markets remained fragile. In the euro area, low inflation and anemic growth threatened the fiscal consolidation efforts of many countries. Japan embarked on a bold quantitative easing program to jumpstart its economy but had setbacks. Many emerging market economies experienced slowdowns while showing extreme nervousness at the prospect of an end to the period of massive liquidity injections by the U.S. Federal Reserve.
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