13  See, for example, Yellen (2011). BIS central bankers’ speeches  3  The recovery from the financial crisis Despite monetary stimulus, the recovery from the financial crisis has been even more sluggish than we had expected. The slow recovery provides more evidence that severe financial crises have long-lived effects, as Reinhart and Rogoff, and others, have documented.
14 The gradual pace of the recovery has likely reflected both demand and supply factors.