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imbalances in the world economy associated with finance-dominated capitalism. From this it follows that in the near and not so … near future, the US will no longer be able to act as the driving force for world demand. In order to avoid a period of … deflationary stagnation in major parts of the world economy, we finally propose the policy package of a Global Keynesian New Deal …
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particular, the EA slump has been markedly more protracted. We estimate a three-region (EA, US and Rest of World) New Keynesian …
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