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Author Biography: Joseph E. Stiglitz is professor of economics, business, and international and public affairs at Columbia University. Known throughout the world for his groundbreaking research, Joseph Stiglitz received the Nobel Prize in Economic Sciences in 2001. Carl E. Walsh is professor of economics at the University of California at Santa Cruz. He is widely known for his research in monetary economics and is the author of a leading graduate text, Monetary Theory and Policy (MIT Press).