The credit crunch and the collapse of Lehman led to a steep fall in global real output and an even bigger decline in the volume of world trade. There were well-founded fears that the world economy was at risk of another depression similar to the 1930s.
Macroeconomic policy in many countries responded:
Side-Effects of the Macro Policy Response Post 2008
Ultra-low interest rates and quantitative easing:
Big rise in fiscal deficits and national debt
Keynesian v Austrian Perspectives on Policy Response
Strategies for Avoiding Future Financial Crises
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