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Monetary-Fiscal Interactions

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NBER2025-09-01 更新2025-09-27 收录
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https://www.nber.org/papers/w34257
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Inflation surged in 2021-2023 from a classic fiscal shock: money and debt that financed huge spending, without a plan for repayment. Neither money nor supply shocks offer a coherent alternative explanation. Inflation eased, with no recession, once the fiscal shock was over. Higher interest rates
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2025-09-01
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