The base reasons matter a lot. Inflation could mean the government won't be able to provide more liquidity in a downturn so the downturn will be more severe. Vs

The base reasons matter a lot. Inflation could mean the government won't be able to provide more liquidity in a downturn so the downturn will be more severe. Vs 2008 where at least the cause of the recession didn't preclude the govt from providing liquidity.