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even if economic stress starts by supply shock, the virus, shutting down economy ... will end up a demand shock too as it travels through financial markets and lower asset prices PS my opinion in US because financial markets led shutdown, demand and supply simultaneously
when central banks are contrained on interest rate policy (as true now) .. downward spiral in markets more likely ... then central bank steps in with unconventional policy (as now) and buys up risky assets ... creates virtuous cycle
builds in decision between Fed taking risky assets on its balance sheet vs federal government doing deficit spending .. both with some risk and risk differs across counties, for example, Turkey less fiscal capacity than US
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