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Joseph Gagnon
GagnonMacro
My colleague Olivier Blanchard lays out the case for concern about the Biden stimulus package. https://www.piie.com/blogs/realtime-economic-issues-watch/defense-concerns-over-19-trillion-relief-plan via @PIIE Let's walk thru the numbers
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Especially since the global financial crisis, the efficient markets hypothesis has not been in high repute. Yet, economists implicitly rely on that hypothesis when they downplay concerns about currency manipulation.
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