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compensation that does not justify a debt. The paper examines public finance, political economy, and financial market issues that …
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"We develop a method for identifying and quantifying the fiscal channels that help finance government spending shocks …
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"Many of the most pernicious economic institutions and policies create entry barriers or manipulate factor prices to transfer resources from entrepreneurs and workers to groups that hold political power. These inefficiencies partly result from the fact that direct and efficient fiscal...
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