Massive stimulus saved China from ‘great recession'
St. Louis Fed economist argues US should have copied Chinese stimulus
China managed to avoid the large permanent losses in aggregate output and employment suffered by the US, Europe and other countries since the financial crisis thanks to a "bold and powerful" stimulus package launched in late 2008, according to a working paper published by the Federal Reserve Bank of St. Louis.
China suffered a 45% permanent drop in its exports, Yi Wen of the St. Louis Fed and Jing Wu of Tsinghua University say in their paper Withstanding great recession like China, but avoided
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