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I thought the claim was that the equilibrium didn't have a story behind it. Is that not correct? I agree it seems like a bizarre setup, but there is no issue with causality here.
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Doesn't the Fiscal authority pin down the price in SW's model? "So people will try to spend their excess supply of money" and the government will raise taxes just enough to absorb the excess supply of money.
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Dec 4, 2013