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But if Germany is going to have only 1 percent inflation, we're talking about massive deflation in the periphery, which is both hard (probably impossible) as a macroeconomic proposition, and would greatly magnify the debt burden.
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The proposition that financial crises change macroeconomic outcomes is surely one of the big things we've learned in recent years.
My point was instead about the macroeconomic lessons to be taken from the near-universal acceptance of the proposition that a surge of iPhone sales can create jobs.
Or take macroeconomic policy.
First, macroeconomic policy.
Macroeconomic policies are sound.
Macroeconomic trends should help.
Fifth, macroeconomic factors do matter.
Plouffe and Daley, macroeconomic theorists!
Macroeconomic Effects of Fiscal Consolidation".
Another could be macroeconomic instability.
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