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We study the impacts of the 2009 monetary stimulus and its interaction with infrastructure spending on credit allocation. We develop a two-stage estimation approach and apply it to China's loanlevel data that covers all sectors in the economy. We find that except for the manufacturing sector,...
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creation in Japan's post-bubble period. With the price level being assumed to be dependent on both goods with free market …, central bank-backed debt-financed price controls and net capital outflows. …
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's (1981) unpleasant monetarist arithmetic, the closely connected fiscal theory of the price level (FTPL), and the monetarist … suggest that investors viewed an inflationary shock such as the one we experienced as extremely unlikely, so the magnitude of …
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