Bernanke outlines Fed's ‘intensified' monitoring of financial system

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Ben Bernanke, chairman of the Federal Reserve, today told a conference in Chicago that the Fed is taking a more systematic and intensive approach to monitoring the financial system, though he admitted recent experience suggests neither the Fed nor the economics profession at large can be relied upon to identify systemic risks in the system.

He distinguished between "triggers" of financial crises, and "vulnerabilities", which are what can "amplify and propagate the initial shocks". Periods of

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