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A welfare perspective on the fiscal-monetary policy mix: The role of alternative fiscal instruments

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Figure

Figure 1: Impulse responses -.1.0.1.2.3.4 1 2 3 4 5 6 7 8 9 10
Figure 2: Impulse responses -.3-.2-.1.0.1.2.3 1 2 3 4 5 6 7 8 9 10
Figure 4: Impulse responses with lump-sum taxes as the fiscal-policy instrument, one std productivity shock 0 10 2000.511.5x 10−3Output 0 10 20−15−10−505x 10−4Inflation 0 10 20−15−10−50
Figure 5: Impulse responses with constant steady-state taxation, one std productivity shock 0 10 20−2−101x 10−3Output 0 10 20−15−10−505x 10−4Inflation 0 10 20−6−4−20
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