- contractionaryeffectPerhapsmoreimportant,contractionarypolicyinEuropeandemergingAsiachippedawayatglobaldemandforAmericanexports.PAULKRUGMAN:Ithinkitwasmeantmainlyasatechnicalcleanup—justareductionintheaidtobanks,notacontractionarypolicy;andmaybealso...
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