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without commitment. This policy features a state-contingent macroprudential debt tax that is strictly positive at date t if a …
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without commitment. This policy features a state-contingent macroprudential debt tax that is strictly positive at date t if a …
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without commitment. This policy features a state-contingent macroprudential debt tax that is strictly positive at date t if a …
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without commitment. This policy features a state-contingent macroprudential debt tax that is strictly positive at date t if a …
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This paper investigates the commonly held belief that government spending is normally financed through a combination of taxes and bond sales. The argument is a technical one and requires a detailed analysis of reserve accounting at the central bank. After carefully considering the complexities...
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