One is the sequel to the financial crisis summarized by the consumer debt overhang, slow debt restructuring and foreclosed home sales, and high risk aversion and contingent  2  Questions about the effects of monetary policy on aggregate demand are found in Frederic S. Mishkin, “Monetary Policy Strategy: Lessons from the Crisis,” NBER Working Paper No. 16755, February 2011.
For a discussion of the possible limitations of fiscal stimulus, see Robert J. Barro and Charles J. Redlick, “Macroeconomic Effects from Government Purchases and Taxes,” Quarterly Journal of Economics 126(1): 51–102, February 2011. 2  BIS central bankers’ speeches  reserve provisioning by banks.