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Showing 1 to 1 of 1 for “"Recesión -- 2012 -- Europa"”.
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Sovereign illiquidity and recessions
… and nancial frictions a la Kiyotaki and Moore (2012). My main ndings imply that, independently of credit risk, a decrease in the liquidity of government bonds has signi cant detrimental e ects on output, employment, investment, and equity prices. Therefore, this framework suggests that ECB …