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Excerpt from Business Insider -- "'This recession has been more persistent than others because it was perceived as an extremely unlikely event,' wrote the economists in a new study. 'Observing the crisis in 2008-09 caused agents to re-estimate macro risk. For example, in 2006, no one raised the possibility of financial panic. Today, the question of whether the financial crisis might repeat itself arises frequently and option prices continue to reflect heightened tail risk (defined as the probability of large adverse shocks).'"

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