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This paper addresses the important question of how far a government will run down its stock of...

Much of the debate about the management of financial crises has focused on structural and...

This paper aims at clarifying, with the help of a simple formal model and numerical examples,...

The entire difference between a mild downturn and a devastating crisis is the occurrence of sharp...

Empirically, output and asset returns are highly positively correlated across the United States...

There is little empirical evidence to support the claim that public spending improves education...