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TARP, Yet Again: Inflationary?

…full (let alone with interest). Second derivatives don’t make inflation. And money loaned by the Fed that is fully repaid doesn’t make inflation unless it is loaned out (“multiplier effect”),…

What Remains of the Keynesian Revolution ?

…Murphy (a Nobel laureate and the economist whose intelligence has never been rated, in my presence, below tied for first) argue that a multiplier lower than one is more plausible….