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No Ordinary Recession

  • Axel Leijonhufvud

    (University of Trento, Italy; UCLA)

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    This recession is different. The balance sheets of consumers, companies and banks are under pressure. The private sector seeks to reduce its debt and this counteracts the Keynesian stimulus more than what the usual flow calculations would suggest. There is no doubt that the deleveraging of banks is the most dangerous factor. The fiscal stimulus will have no significant impact unless the deleveraging of the financial system comes to a halt.

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    Article provided by Central Bank of Argentina, Economic Research Department in its journal Ensayos Económicos.

    Volume (Year): 1 (2009)
    Issue (Month): 53-54 (January - June)
    Pages: 59-65

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    Handle: RePEc:bcr:ensayo:v:1:y:2009:i:53-54:p:59-65
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