Gold Sterilization and the Recession of 1937-38
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The Recession of 1937-38 is often cited as illustrating the dangers of withdrawing fiscal and monetary stimulus too early in a weak recovery. Yet our understanding of this severe downturn is incomplete: existing studies find that changes in fiscal policy were small in comparison to the magnitude of
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美国国家经济研究局创建时间：
2011-11-01
