On Graduation from Default, Inflation and Banking Crisis: Elusive or Illusion?
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An earlier version of this paper was presented at the NBER Twenty-fifth Annual Conference on Macroeconomics, April 9, 2010. The authors are grateful to the Alfred P. Sloan Foundation and the National Science Foundation Grant No. 0849224 for financial support. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.