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Modelling Risks to the Financial System
"Procyclicality is the key issue in the time dimension. It reflects the tendency to take on excessive risk during economic upswings - too much punch from the punchbowl, if you will - and to become overly risk averse during the downturns. Procyclicality makes the financial system and the economy more vulnerable to shocks, and increases the likelihood of financial distress."
Bank of Canada, 21 August 2012 , Remarks by Agathe Côté Deputy Governor of the Bank of Canada

QE Coming of Age
"...central banks have, through expanding their own balance sheets, in effect liquefied the private sector’s balance sheet and taken the unwanted assets off it."
Morgan Stanley, The Global Monetary Analyst, February 1, 2012 , Spyros Andreopoulos

Asset Price Booms and Current Account Deficits
FRBSF Economic Letter, December 5, 2011 , Paul Bergin