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The State of the Economy and Principles for Fiscal Stimulus
Fiscal Stimulus industrial production
2015/8/3
The financial crisis evidenced in Figure 1 can be traced to unusually low interest
rates in the early part of this decade which let to the housing boom and bust, and then to
massive delinquencies an...
We describe a theory of the collective choice of fiscal policy in dynamic economies that are subject to
aggregate shocks. The theory incorporates realistically complex policy spaces, rational f...