The study finds that on the basis of real time rules, expenditure and debt ratios in 2009 for the euro area aggregate would not have been much different with neutral expenditure policies than actually experienced.

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If you take the EU and the U.S. and aggregate the two, you probably come into a positive growth area, a little bit above zero something.

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But there are so many nuances with geography, job title, functional area, background, and more that get lost in aggregate data.

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