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approach is the insight that epidemic dynamics are best tracked over stages, rather than over time. We use a normalization … the stage of the epidemic at the time of policy implementation. This variation delivers clean identification of the policy … policy intervention. Its effectiveness evolves with the epidemic and is larger when implemented at earlier stages. …
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Municipal (muni) bonds are an important source of funding for state and local governments. During the Covid-19 pandemic, muni debt markets became severely distressed. In response, the Federal Reserve established the Municipal Liquidity Facility (MLF). Meanwhile, Congress enacted extensive fiscal...
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