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—the liquidity premium. We rationalize this finding in an estimated heterogeneous-agent New-Keynesian (HANK) model with incomplete … markets and portfolio choice, in which public debt affects private liquidity. In this environment, the short-run fiscal … multiplier is amplified by the countercyclical liquidity premium. This liquidity channel stabilizes investment and crowds in …
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The report assesses the implementation of SISTAFE (Public Sector Financial Management System) and respective action plan and discusses with the Mozambican authorities the effectiveness of the ongoing public financial management reforms
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