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Real interest rates would have fallen much further in the last half century if governments had not expanded social insurance programs and taken on more debt. The long decline of real...
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Without deployment of forward guidance and asset purchases by the Federal Reserve, recovery from the Great...
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County-level data on U.S. stock market holdings suggest that rising share prices induce consumer spending, which...
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  Investors increase the share of equities in their portfolios by about 0.7 percentage points when the...