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REFERENCES Ahmed, Shaghil, Andrew Levin, and Beth Anne Wilson. 2002. “Recent U.S. Macroeconomic Stability: Good Policies, Good Practices, or Good Luck?” Board of Governors of the Federal Reserve System, International ...

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2.9 Timing issues Mainstream textbooks say that the implementation of fiscal policy involves long time lags, longer than those required for monetary policy, and is therefore too slow an instrument ...

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