But precisely for these reasons, the whole lean-versus-clean debate runs the risk of drawing attention away from other crisis-derived lessons that do not make as good fodder for academic discussion, but that are no less relevant from a practical policy perspective. Let me focus the remainder of my remarks on one of these: the importance of the in-between.
The lean-versus-clean framing suggests a simple model in which there are just two dates: (1) an initial ex ante date that is prior to when a shock is realized – and when we may not even have much of a clue as to the form the shock will take – and (2) an ex post date when the shock has hit, its full effects have been felt, and policymakers are dealing with the aftermath.