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And actually, changing portfolio preferences (e.g. as a result of an aging population shifting its portfolio increasingly into sovereign bonds) means that the correct level of sovereign debt is not even constant after you smooth out the business cycle.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Wed Jun 25th, 2014 at 03:35:18 AM EST
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