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the origin of the aggregate volatility reduction. We show that states with relatively high concentrations in the durable-goods …
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monetary policy framework. Inclusion of judgement in forecasts can lead to self-fulfilling fluctuations, but without the …
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A key question that has arisen during recent debates is whether government spending multipliers are larger during times when resources are idle. This paper seeks to shed light on this question by analyzing new quarterly historical data covering multiple large wars and depressions in the U.S. and...
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