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The remarkable increase in the real rate of interest all over the world and the appreciation of the dollar real exchange rate, toghether with the large fiscal stimulus from President Reagan's program has brought government deficits and their effects on the economy back to the foreground of the...
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shifting through real investment (rather than 'paper' profit shifting). Contrary to much policy discussion, the results also … cross-border investment. Spillovers from statutory tax rates abroad seem: As sizable as effects from the host's rate; larger … than previous consensus values (attributed to a systematic bias from FDI data); and consistent with 'implicit' profit …
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