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complete market 1 consumption dynamics 1 flat consumption 1 incomplete market 1 pure output-increasing policy 1 tariff-reducing policy 1 trade liberalization 1
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Free 1
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English 1
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Calvo, Guillermo A. 1 Drazen, Allan 1
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Uncertain Duration of Reform: Dynamic Implications
Calvo, Guillermo A.; Drazen, Allan - 1998
). Withcomplete markets, the output-increasing policy leads to flat consumption, while with nocontingent assets, consumption jumps …
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