A Policy for Debt-Deflation |
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| Authors: | GORDON PEPPER |
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| Affiliation: | *Gordon Pepper is a professor in the Department of Banking and Finance at City University Business School. An earlier version of this paper was presented to the CEF forecast consortium. |
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| Abstract: | As recovery begins, the level of outstanding debt and the weakness of the housing market remain a major constraint on consumer spending. In this invited article Gordon Pepper sets out what is the appropriate policy repsonse to the problem of debt-deflation. In the Briefing Paper on page 39 Alistair Milne provides a detailed background. |
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