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estimated that in their central, mid-range scenario, the Iraq war will cost over $266 billion more in the next decade, putting …
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through 2015, the true costs may exceed $2 trillion. In either case, the cost is much larger than the administration …
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The concentration of risk within the financial system leads to systemic instability. We propose a theory to explain the structure of the financial system and show how it alters the risk taking incentives of financial institutions when the government optimally intervenes during crises. By issuing...
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