Massive stimulus saved China from ‘great recession'

St. Louis Fed economist argues US should have copied Chinese stimulus

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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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