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Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems, by L. Randall Wray

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In other words, the initial impact of a budget deficit is to lower (not raise) interest rates.
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Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems
Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems
by L. Randall Wray
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