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We find that deep contractions have highly persistent scarring effects, depressing the level of GDP at least a decade hence. Drawing on a panel of 24 advanced and emerging economies from 1970 to the present, we show that these effects are nonlinear and asymmetric: there is no such persistence...
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. Providing empirical research on the relation between money and the real economy, Allen explains how key financial variables are … the context of what he terms 'US money mercantilism' have favored the US dollar 'core' of the global system. Chapters go …-processing technology, government deregulation, new uses and forms of money, and emerging financial products and markets. Allen elaborates …
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