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The paper elicits a mechanism by which private leverage choices exhibit strategic complementarities through the reaction of monetary policy. When everyone engages in maturity transformation, authorities have little choice but facilitating refinancing. In turn, refusing to adopt a risky balance...
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This paper develops a joint theory of ideology and redistributive policy to account for the striking divergence found … expectations of high mobility are sustained (the ?American Dream?) and dampen the demand for redistribution. In so doing, it draws …
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