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Remarks at the Quarterly Regional Economic Press Briefing, New York City.
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In the wake of the most recent U.S. recession, both New York State and New Jersey have faced multibillion-dollar budget gaps. An analysis of the makeup of their budgets reveals that the states' heavy reliance on personal income taxes--particularly from high-wage earners in the finance...
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verified that deflation periods necessarily go hand in hand with recessions. Thus, costs of deflation might be much lower than …
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