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And something else to consider: the events of the past few years, in which a tripling of the monetary base has failed to set off high inflation, and huge deficits have failed to send interest rates soaring, represent a predictive success for IS-LM-type macro fully comparable to the way stagflation represented a success for macro with thinking about microfoundations.
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After all, Arizona's campaign against illegal immigrants, codified in an April law, set off high-decibel debates from Melbourne to Madrid.
Instead, say the Palestinians, the soldiers occasionally rake its ancient façade with machinegun fire, pitch grenades on the roof, shoot dead the odd Palestinian guarding its doors and set off high-pitch sirens to prevent people sleeping.
Republican politicians have pressed the Fed to refrain from new actions, arguing that it is more likely to set off higher inflation than lower unemployment.
The stock market surged last week in its best weekly performance in many months on optimism that the economy will continue to expand without setting off high inflation.
Yet tax experts say that the pattern of deceit outlined in court papers — appraising art objects for amounts just below a threshold that sets off higher scrutiny — is frequently investigated by the criminal enforcement arm of the Internal Revenue Service.
They scan cars heading south, quickly run the license number through an F.B.I. data base and set off a high-pitched alarm whenever they hit on a plate that has been reported stolen.
As an adult, you go… What?" The exped set off in high excitement.
Four years later, on 15 April 1989, 24,000 Liverpool supporters set off in high spirits for the semi-final in Sheffield, their safety dependent on the same police force.
Again with little equipment and a frisbee doubling as a chopping board, we jammed into my car and set off with high hopes.
The one before that, in the early 1980's, was set off by high interest rates and followed by a downturn, spurred by collapsing oil prices, that ravaged the oil patch.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com