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"We explore the role of government in the nexus of finance and trade starting from the earliest days of organised finance in England and then broadening the analysis to 84 countries from 1960 to 2004. For 18th century England, we find that the government expenditures and international trade did...
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"A key issue in current research and policy is the size of fiscal multipliers when the economy is in recession. Using a …
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real economy appears to have worked through lower asset (equity) prices and higher interest rates"--National Bureau of …
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