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and the Great Recession – to identify the determinants fiscal resilience. The findings indicate that although strategic … renewal. In addition, the underlying characteristics of each recession affect whether institutional and economic conditions …
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This paper reconsiders the role of macroeconomic shocks and policies in determining the Great Recession and the … subsequent recovery in the US. The Great Recession was mainly caused by a large demand shock and by the ZLB on the interest rate … increase in expenditure-to- GDP ratios was apparently determined by the adverse non-policy shocks that caused the recession. …
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