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The economy had over-rebounded and started to exhibit signs of overheating in 2010 as a result of fiscal and monetary policies implemented after the global shock.
Interestingly, since June 2013 Japan experienced rising inflation as a result of fiscal and monetary stimulus, even in the face of falling oil prices, when the UK experienced disinflation.
But in the next year (2013-14) tighteningning will increase to 1% of GDP as a result of "fiscal drag", the phenomenon whereby the Treasury's revenue take rises because individuals move into higher tax brackets.
There's no easy way to tell whether a specific job was created as a result of fiscal policy or the underlying trend in the economy.
But experts have been warning that the economy and job creation are likely to slow in the second quarter, largely as a result of fiscal tightening in Washington.
Antonio Fatas, like me, is boggled by the OECD's apparent inability even to contemplate the possibility that Europe's poor economic performance is the result of fiscal austerity.
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Any changes in the England pecking order as a result of last Friday's Exiles game?
Kauto Star's cursory schedule this season is a result of last year's disappointments.
Change, if it comes as a result of last Friday's vote, will be gradual indeed.
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