I will list just a few that I think are important. Second, we need to apply those lessons in the right way to the challenges that are likely to confront us over the years ahead. I will offer a few observations about some of those.
Lessons from the crisis The first lesson is that the business cycle still exists and that financial behaviour matters, sometimes a lot, to how that cycle unfolds. We need to have a broad definition of the term “business cycle” in mind. There is more than just the cycle in the “real” economy of GDP, employment, consumer price inflation and so on.