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November 4, 2020

By looking at what Japan and Europe have done and what has been tried in the United States, we can gauge the potential likely impact of fiscal and monetary policy on the real economy.

  The U.S. is on pace to run a record fiscal deficit in dollar terms and as a percentage of overall gross domestic product (GDP), partially from an increase in spending and partially from a decline in overall GDP.  At the same time, the Federal Reserve has a record high balance sheet value in dollar...
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