Stanley Fischer Doesn’t Have a Magic Needle for Deflating Housing Bubbles

Federal Reserve Vice Chairman Stanley Fischer Photograph by Andrew Harrer/Bloomberg

Israel dodged the recession that hit most of the world last decade, partly because it never had an extreme housing boom and bust. Much of the credit for that stability went to Stanley Fischer, the Zambian-born economist who headed Israel’s central bank from 2005 through 2013 and is now No. 2 at the Federal Reserve in the U.S.

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