Of the following statements, which is most in line with what most economists believe about the macroeconomic role of financial markets?

Financial markets are quick to adjust and spread the effects of disturbances in one sector to other sectors.
Financial markets are not a source of instability, but price inflexibility in these markets keeps them, and thus the rest of the economy, from adjusting once the economy is disturbed.
Large amounts of speculation in financial markets make them unstable, and this instability is the primary source of macroeconomic disturbances.
Financial markets play no substantial role in macroeconomic events, and thus they can be ignored.

Those who think there is a great deal of merit in the greater-fool theory of financial markets are also likely to stress the importance of:

speculative bubbles.
efficient markets.
the benefits of speculation
the importance of moral hazard in causing disturbances.

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