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My main research interests are: European integration, monetary economics, international finance, central banking, financial markets and institutions, trade and development, and the history of economic thought.

levy

I am a research associate at the Levy Economics Institute of Bard College, Annandale-on-Hudson, New York, a member of the Bretton Woods Committee, Washington, DC, a member of the International Center for Global Risks Economic Research, and a member of the History of Economic Thought Committee of the Verein fuer Socialpolitik. I also worked as a researcher at the United Nations Conference on Trade and Development (UNCTAD).

research

(2014) US-Gewinne und Aktienkurse boomen, nicht aber U.S. Gewinnsteuern - gejammert wird trotzdem, flassbeck-economics, September 19.

(2014) Amerika, du hast es besser. Denn du hast den Dollar, flassbeck-economics, September 12.

(2014) Is the Eurozone turning into Germany?, Social-Europe, September 8.

(2014) Un euro mas debil, y entonces, que?, El Pais, September 7.

(2014) Jackson Hole 2014: Vereint auf getrennten Wegen, flassbeck-economics, September 2.

(2014) The Euro Treasury Plan, Levy Economics Institute, Public Policy Brief, no. 135, August.

(2014) US Konjunkturausblick zur Jahresmitte, flassbeck-economics, July 31.

(2014) Are German savers being expropriated?, Social Europe Journal, June 13.

(2014) Auswuechse zunehmender Ungleichheit machen nirgends halt, flassbeck-economics, June 11.

(2014) Draghi's magic has not removed the lowflation threat, Financial Times, Letter to the Editors, June 11.

(2014) Preisstabilitaet in Amerika: Experimentelle Geldpolitik als Hyperinflationsrisiko (Teil 3), flassbeck-economics, May 21.

(2014) Preisniveaustabilitaet in Amerika: Totenstille an der Lohnfront (Teil 2), flassbeck-economics, May 12.

(2014) Preisniveaustabilitaet in Amerika: Lange Frist und aktuelle Tendenzen (Teil 1), flassbeck-economics, April 24.

(2014) On the alleged pains of the strong euro, Social Europe, April 3; in Spanish: El BCE no debe debilitar el euro, El Pais, April 3.

(2014) Ueberparteiliche Ein- und Ausblicke zu den amerikanischen Staatsfinanzen -Teil 2: Staatsschulden und Zinslast, flassbeck-economics, March 19.

(2014) Inflation, deflation and ECB asymmetry, Social Europe, March 13.

(2014) Zur Kontroverse um Obamas Mindestlohninitiative, flassbeck-economics, 4 March.

(2014) Ein- und Ausblicke zu den amerikanischen Staatsfinanzen - Teil 1: Gesundheit und Arbeit, flassbeck-economics, 27 February.

(2014) Beware of what you wish for when it comes to ECB measures, Financial Times, Letter to the Editor, 26 February.

(2014) On German public opinion and illusional ECB power, Social Europe, 24 February.

(2014) Und jaehrlich gruesst das Murmeltier, flassbeck-economics, 11 February.

(2014) Interview: in Greek: Eleftherotypia; in English: A Euro Treasury? An interview with Joerg Bibow, Multiplier Effect - The Levy Economics Institute Blog, 10 February.

(2014) "Triffin dilemma", entry forthcoming in: Louis-Philippe Rochon and Sergio Rossi (eds) Encyclopedia of Central Banking, Edward Elgar.

(2014) US Haushaltskompromiss stellt G20 ein Bein, flassbeck-economics, 29 January.

(2014) Euro delusion and denial keep authorities entranced, Social Europe, 22 January; Las autoridades niegan la evidencia, El Pais, 22 January.

(2014) Kehren Amerikas Sparer zurueck in die Zukunft?, flassbeck-economics, 16 Januar.

(2014) Zur Lage am US-Immobilienmarkt: Aufleben nach schwerer Krise, flassbeck-economics, 8 January.

(2013) Private Investitionen als treibende Kraft des US-Aufschwungs?, flassbeck-economics, 5 December.

(2013) Mindless austerity and security guards, Social Europe Journal, 26 November.

(2013) Licht und Schatten der amerikanischen Konjunktur, flassbeck-economics, 20 November.

(2013) Lost at sea: The euro needs a euro treasury, Macroeconomic Policy Institute, IMK Study no. 35; Levy Economics Institute, Working Paper no. 780; London School of Economics, Financial Markets Group, Special Paper no. 227.

(2013) No sound defense of German mercantilism, nowhere, Multiplier-Effect - The Levy Economics Institute Blog, 12 November.

(2013) "Deutsche Bundesbank", "European Central Bank", entries forthcoming in: Louis-Philippe Rochon and Sergio Rossi (eds) Encyclopedia of Central Banking, Edward Elgar.

(2013) Minsky Conference in Greece: The Eurozone Crisis, Greece, and the Austerity Experience, Athens, 8 November. PowerPoint presentation Audio: Video

(2013) Der Genesungsprozess am amerikanischen Arbeitsmarkt traegt "europaeische" Zuege, flassbeck-economics, 6 November.

(2013) Interview in NewMoney Greece; in English: German policy bears foremost responsibility for euro crisisMultiplier-Effect - The Levy Economics Institute Blog, 5 November.

(2013) Conference: Can the Eurozone be saved?, Austin, 4 November, Watch video Session 1

(2013) Der Aussenhandel soll richten, was die Wirtschaftspolitik nicht zustande bekommtflassbeck-economics, 24 October.

(2013) Euroland's 'recovery' - Three cheers for Dr. Schaeuble, Social Europe Journal, 27 September.

(2013) Wenn Staatsfinanzen zum Staatstheater werden, flassbeck-economics, 30 September.

(2013) The euro crisis is not even close to over, Mr Schaeuble, Financial Times, Letter to the Editor, 19 September.

(2013) US Leistungsbilanzdefizite ohne Ende - Eine Belastung fuer die Weltwirtschaft?, flassbeck-economics, 18 September.

(2013) Die Weltwirtschaft bekommt einen neuen obersten Zentralbanker, flassbeck-economics, 6 September.

(2013). A Post Keynesian perspective on the rise of central bank independence: A dubious success story in monetary economics, in G.C. Harcourt and P. Kriesler (eds) Handbook of Post Keynesian Economics, Volume 2, 265-289. (Levy Economics Institute, Working Paper no. 625, October 2010).

(2013) The euro has yet to produce any real winner, e-International Relations, 9 August; Nadie ha ganado en la crisis del euro, El Pais, 21 August.

(2013) Germany and the euro: Paragon or parasite?, Social Europe Journal, 27 June, Alemania y el euro: arquetipo o parásito?, El Pais, 28 June.

(2013) Euro crisis sees reloading of Germany's current account surplus, Social Europe Journal, 25 June.

(2013) Germany and the Euroland crisis: The making of a vulnerable haven, Levy Economics Institute, Working Paper no. 767, June.

(2013) The German wages problem - a world problem, New America Foundation, 14 June.

(2013) Germany and the euro-zone crisis, World Economic Roundtable, New York City, 12 June, New America Foundation and World Policy Institute.

(2013) No euro paradoxes here, just plenty of euro folly, Multiplier Effect - The Levy Economics Institute Blog, 2 May.

(2013) ¿Será capaz Francia de plantarse?, El Pais, 30 April; On the Franco-German euro contradiction, Social Europe Journal, 1 May; As crisis reaches the euro axis, will France finally show its colors?, Multiplier Effect - The Levy Economics Institute Blog, 1 May.

(2013) "On the Franco-German euro contradiction and ultimate euro battleground", Contributions to Political Economy 32: 127-49. (Levy Economics Institute, Working Paper no. 738, April.)

(2013) "At the crossroads: The euro and its central bank guardian (and savior?), Cambridge Journal of Economics, 37(3): 609-26; (Levy Economics Institute, Working Paper no. 738, November 2012).

(2013) "Ο βασικός ένοχος της κρίσης είναι η Γερμανία", Enet.gr (Eleftherotypia), 17 February; in English "No, the euro crisis is not over." An interview with Joerg Bibow, Multiplier Effect - The Levy Economics Institute Blog, 18 February.

(2013) "Europa y su arriesgada busqueda de estabilidad", El Pais, 13 February; in English "Europe's perilous quest for stability", Social Europe Journal, 13 February.

(2013) "Are currency warriors' gloves coming off?", Multiplier Effect - The Levy Economics Institute Blog, 24 January.

(2013) "On net-exports life support: Germany is back at it, and now Euroland is too", Multiplier Effect - The Levy Economics Institute Blog, 16 January.

(2013) "La liquidez de Draghi va a resultar un farol", El Pais, 3 January; "Draghi's liquidity bluff will be called", Multiplier Effect - The Levy Economics Institute Blog, 31 December 2012.

(2013) "The Euroland crisis and Germany's euro trilemma", International Review of Applied Economics Online 27(3):360-85. ( "The euro debt crisis and Germany's euro trilemma", Levy Economics Institute, Working Paper no. 721, May 2012; summary in Greek, Express.gr, Eurocapital.gr). Conference presentation: Berlin, Germany, 26 October 2012

(2012) "Germany and the Euroland crisis: The making of a vulnerable haven", presentation at the Universidad del Pais Vasco, Bilbao, Spain, 14 December.

(2012) "Misdiagnosis, Ill-medication, and Misguided Reforms: Is the Euro Rescuable?", presented at the Hyman P. Minsky Conference on Financial Instability "Debt, Deficits, and Unstable Markets", Berlin, Germany, 26-27 November.

(2012) "Unfettered Financial Globalization: Unreason and Menace", Money and Banking Conference 2012, Banco Central de la Republica Argentina, Buenos Aires, Argentina, 1-2 October.

(2012) "The euro and its guardian of stability: fiction and reality of the 10th anniversary blast", in L.-P. Rochone and Salewa 'Yinka Olawoye (eds.) Monetary Policy and Central Banking: New Directions in Post-Keynesian Theory, Cheltenham, U.K. and Northampton, MA, U.S., Edward Elgar, pp. 190-226. (Levy Economics Institute, Working Paper no. 583.)

(2012) "The case for capital account management in emerging market economies: The experience of the BRICs", Intervention: European Journal of Economics and Economic Policies, 9(1): 57-90.

(2012) "Deal is indeed unacceptable", Financial Times, FT.com, Letter to the Editor, 4 April.

(2012) "KBS Special ' Euro crisis'", Korean Broadcasting System, Interview for Documentary, broadcast on KBS1, 25 March.

(2012) "Financial markets", in J.E. King (ed.) The Elgar Companion to Post Keynesian Economics, 2nd edition, Edward Elgar, 207-212. (Levy Economics Institute, Working Paper no. 660, March 2011).

(2012) "To make or break the euro: Germany's euro trilemma", Eurointelligence.com, 24 February; in Italian: "Euro, il trilemma della Germania".

(2012) "How to sustain the Chinese economic miracle? The risk of unraveling the global rebalancing" in: The Chinese Economy, vol. 45(1): 46-73. (Levy Economics Institute, Working Paper no. 617, September 2010).

Keynes book

(2011) Paperback edition of: "Keynes on Monetary Policy, Finance and Uncertainty: Liquidity Preference Theory and the Global Financial Crisis", Routledge, London and New York.

(2011) "The unfolding euro implosion: Can the 'modest proposal' save Europe?", speech (video 1) / (video 2) delivered at the "Crisis in the eurozone" conference held at the University of Texas at Austin, 3-4 November 2011. Conference videos are available at youtube and Yanis Varoufakis's website.

(2011) "German abstinence is not for everyone", Financial Times, Letter to the Editor, 13 October.

(2011) "Permanent and selective capital account management regimes as an alternative to self-insurance strategies in emerging market economies", Levy Economics Institute, Working Paper no. 683, September.

(2011) "Of unsustainable processes and the U.S. dollar", in Contributions to Stock-Flow Modeling: Essays in Honor of Wynne Godley (eds. D.B. Papadimitriou and G. Zezza), London, Palgrave Macmillan, 321-48.

(2011) "Europäische Geldpolitik: Fehlkonzipiert, irregeleitet und lernresistent", WSI Mitteilungen, no. 6/2011, 278-85.

(2011) The ECB's telling price stability fixation, Interview, The Forum: Discussing International Affairs and Economics, Summer, 88-90.

(2011) "Domestic mandate, global reach: The Fed conundrum", Roosevelt Institute, "The Future of the Fed", New York City, 27 April.

(2011) "The Global Crisis and Its Aftermath", William E. Weiss Lecture 2011, Skidmore College, 26 April.

(2011) "The global crisis and the future of the dollar: Towards Bretton Woods 3?", in J.J. Leclaire, T.-H. Jo and J. Knodell (eds) Heterodox Analysis of Financial Crisis and Reform: History, Politics and Economics, Edward Elgar, 137-49. (Levy Economics Institute, Working Paper no. 584).

(2011) "Finanzglobalisierung versus Kapitalverkehrsmanagement", in: F. Helmedag and J. Kromphardt (eds) Nachhaltige Wege aus der Finanz- und Wirtschaftskrise, Marburg, Metropolis, 143-69.

(2011) "Global Imbalances, the U.S. Dollar, and How the Crisis at the Core of Global Finance Spread to 'Self-insuring' Emerging Market Economies", in Intervention - European Journal of Economics and Economic Policies, 7(2): 325-59. (Levy Economics Institute, Working Paper no. 591.)

(2011) "The markets versus the Eurosystem: Does the system's decentralized structure represent a structural problem?", in D. Ehrig, U. Staroske und O. Steiger (eds) The Euro, the Eurosystem and the European Economic and Monetary Union: Reviews and Prospects of a Unified Currency, 159-90. Muenster, Lit Verlag.

(2010) "Zur (Re-)Etablierung zentralbankpolitischer Institutionen und Traditionen in West-Deutschland: Theoretische Grundlagen und politisches Kalkül (1946-1967)", in: C. Scheer (ed.) Die deutschsprachige Wirtschaftswissenschaft in den ersten Jahrzehnten nach 1945, Band XXV Studien zur Entwicklung der ökonomischen Theorie, Berlin, Duncker & Humblot, pp. 491-588.

(2010) "The American-German divide in macro policymaking is alive and kicking", Multiplier Effect - The Levy Economics Institute Blog, 29 November.

(2010). "Germany's austerity obsession speeds up a euro showdown", Financial Times, FT.com, Letter to the editor, 26 November.

(2010) "It is worrying that the German view of austerity is now Europe's", Financial Times, FT.com, Letter to the editor, 28 June.

(2010) "Suffocating Europe", Eurointelligence, 25 June 2010.

(2010) "Financialization of the U.S. household sector: The "subprime mortgage crisis" in U.S. and global perspective", IMK, Study 3/2010.

(2010) "Bretton Woods 2 is dead, long live Bretton Woods 3?", Levy Economics Institute, Working Paper no. 597.

(2010) "Allure of European Model Dims on Closer Examination", Letter to the editor, Wall Street Journal, 23 April.

(2010) "Germany is unfit for the euro", Eurointelligence, 21 April.

(2010) "German exports are fine but perpetual export surpluses are not", Economist debates: Germany, 10 April.

(2010) "The model Europe has to overcome", Letter to the Editor, Financial Times, FT.com, Letter to the editor, 16 March.

(2009) "Keynes on Monetary Policy, Finance and Uncertainty: Liquidity Preference Theory and the Global Financial Crisis", Routledge, London and New York.

Keynes book

(2009) "Das wahre Einheitsdesaster", Letter to the editor, Financial Times Deutschland, 12 November.

(2009) "Toward Bretton Woods 3? Prospects for global rebalancing", New America Foundation, New America Contract Policy Paper, October 7.

(2009) "Will Germany really stop undermining European integration?" , Eurointelligence, October 2. (in German: Financial Times Deutschland "Sparen heisst schmarotzen"; in Italian: La Repubblica "Il modello Tedesco e l'integrazione UE").

(2009) "The American-German Divide: Macro Policy and International Co-operation", New America Foundation, New American Contract Policy Paper, July 8.

(2009) "On the origin and rise of central bank independence in West Germany", European Journal of the History of Economic Thought 16(1): 155-90.

(2009) "Internationale Währungsordnung im Umbruch: Wie würde Keynes die globalen Zahlungsbilanzungleichgewichte unserer Zeit bewerten?", in J. Kromphardt and H.-P. Spahn (eds) Die aktuelle Währungsunordnung: Analysen und Reformvorschläge, Schriften der Keynes Gesellschaft, Band 2, Marburg, Metropolis, 109-47.

(2009) "Free trade can stand only so much free riding", Letter to the editor, Financial Times, 6 February.

(2009) The need for concerted action, Eurointelligence, 23 January.

(2009) "Setting the record straight on Germany's anti-Keynesianism", Letter to the editor, Financial Times, 20 January.

(2009) "Insuring Against Private Capital Flows: Is It Worth the Premium? What Are the Alternatives?", International Journal of Political Economy, vol. 37(4), Winter 2008-9, pp. 5-30. [2008 Levy Economics Institute, Working Paper No. 553.]

(2008) "Welcome to the brave new world of stability-oriented stagnation", Eurointelligence, 17 June. ("The emerging contours of Bretton Woods 3?)

(2008) Time for the euro area to become part of the solution , Eurointelligence, 6 February (with Andrea Terzi).

(2008) "Welcome, stability-oriented stagnation", Financial Times, Letter to the editor, 18 June.

(2008) "The international monetary (non-)order and the 'global capital flows paradox'", in: Eckhard Hein, Peter Spahn, Torsten Niechoj, and Achim Truger (eds.) Finance-led Capitalism?, Metropolis, 219-48. (Levy Economics Institute, Working Paper No. 531)

(2007) Euroland and the World Economy - Global Player or Global Drag?, Palgrave Macmillan. Co-Editor (with Andrea Terzi). More on Euroland and the World Economy at the publisher's Web site.

(2007) "The ECB -How much of a success story, really?", in E. Hein, J. Priewe, A. Truger (eds.) European Integration in Crisis, Metropolis, pp. 301-29.

(2007) "Bad for Euroland, worse for Germany - The ECB's record", in: J. Hölscher (ed.) Germany's Economic Performance: From Unification to Euroisation, Palgrave Macmillan, pp. 42-65. Levy Economics Institute, Working Paper No. 429

(2007) "How the Maastricht regime fosters divergence as well as instability", in: P. Arestis, E. Hein and E. Le Heron (eds) Monetary Policies - Modern Approaches, Palgrave Macmillan, pp. 197-222. Levy Economics Institute, Working Paper No. 460

(2007) LiveEcon, Microeconomic Essentials, Aboyne: Interactyx. (Contributing author).

(2006) "The euro area drifting apart - Does reform of labor markets deliver competitive stability or competitive divergence?", in Structural Reforms and Macro-Economic Policy, ETUC, 76-86.

(2006) "Inflation persistence and tax-push inflation in Germany and the euro area: A Symptom of macroeconomic policy mismanagement?", IMK Study, 1/2006. See "Herdentrieb"

(2006) "Global imbalances, Bretton Woods II, and Euroland's role in all this", Levy Economics Institute, Working Paper No. 486 (in Bibow & Terzi 2007, pp. 15-42).

(2006) "Preistreiber Staat: Zur Inflationspersistenz im Euroraum", IMK Report no. 6, January.

(2006) "Refocusing the ECB on output stabilisation and growth through inflation targeting?. in Delivering the Lisbon Goals - The Role of Macroeconomic Policy (eds. A. Watt and R Janssen), ETUI-REHS, Brussels, 67-88. Levy Economics Institute, Working Paper No. 425

(2006) "Germany has not caught up with the rules of the game", Financial Times, Letter to the editor, 24 April.

(2006) "Liquidity preference theory - to ditch or to build on it?, P. Arestis and M. Sawyer Handbook of Alternative Monetary Economics, E. Elgar, pp. 328-45. Levy Economics Institute, Working Paper No. 427

(2006) "Europe's quest for monetary stability: central banking gone astray", International Journal of Political Economy, 35(1): 24-43. Levy Economics Institute, Working Paper No. 428

(2005) "Issing fails to justify claims that ECB policy flagged up likely threats", Financial Times, 19 December.

(2005) "Uncertainty, conventional behaviour, and economic sociology", (with J. Runde and P. Lewis), American Journal of Economics and Sociology, 64(2): 507-32. Levy Economics Institute, Working Paper No. 339

(2005) "UK would be well advised to take cue from its own recent history", Financial Times, 8 August.

(2005) "Germany in crisis - The unification challenge, macroeconomic policy shocks and traditions, and EMU", International Review of Applied Economics, 19(1): 29-50.

(2005) "A rare honesty about ECB and structural reform", Financial Times, 27 June.

(2005) "Is it soon time to put pressure on Japan and Germany to act to curb their huge surpluses", Financial Times, 21 April.

(2005) "Depreciating Germany", Economist, 3 March.

(2005) "Silent on Stagnation", Wall Street Journal Europe, 25 January.

(2004) "Fuer eine Kehrtwende von der Spar- zur Wachstumsorientierung", Vierteljahreshefte zur Wirtschaftsforschung, 73(3): 445-59.

(2004) "ECB initiative to stop fall in dollar is not the answer", Financial Times, 3 December.

(2004) "Eurozone must tackle home-made demand problem", Financial Times

(2004) "Fiscal consolidation: Contrasting strategies and lessons from international experiences", Levy Economics Institute, Working Paper No. 400.

(2004) "Reflections on the current fashion for central bank independence", Cambridge Journal of Economics, 28(4): 549-576.

(2004) "Assessing the ECB's performance since the global slowdown", Levy Economics Institute, Working Paper No. 409.

(2004) "Investigating the intellectual origins of Euroland's macroeconomic policy regime: Central banking institutions & traditions in West Germany after the war", Levy Economics Institute, Working Paper No. 406.

(2003) "The free lunch is to get even more expensive", Financial Times, 11 August.

(2003) "Sparpolitik vor dem Scherbenhaufen", Horizonte

(2003). "On the 'burden' of German unification", Banca Nazionale del Lavoro Quarterly Review, 61(225): 137-169. Levy Economics Institute, Working Paper No. 328

(2003) "How bad do 'outcomes' have to get?", Financial Times, 6 March.

(2003) "Is Europe doomed to stagnation? An analysis of the current crisis and recommendations for reforming macroeconomic policymaking in Euroland", Levy Economics Institute, Working Paper No. 379.

(2003) "On convention: Keynes, Lewis and the French School" (with J. Runde and P. Lewis), The Philosophy of Keynes's Economics: Probability, Uncertainty and Convention (eds. S. Mizuhara & J. Runde), London, Routledge, 185-95.

(2002) "The markets versus the ECB, and the euro's plunge", Eastern Economic Journal 28(1): 45-57.

(2002) "Maynard Keynes on central banking and the structure of monetary policy", History of Political Economy, 34(4): 749-787.

(2002) "What has happened to monetarism? An investigation into the Keynesian roots of Milton Friedman's monetary thought and its apparent monetarist legacies", Levy Economics Institute, Working Paper No. 347.

(2002) "The euro: market failure of central bank failure", Challenge, May.

(2002) The monetary policies of the European Central Bank and the euro's (mal-) performance: a stability-oriented assessment", International Review of Applied Economics 16(1):31-50. Levy Economics Institute, Working Paper No. 338

(2001) "Making EMU work: some lessons from the 1990s", International Review of Applied Economics, 15 (3), 233-259. Levy Economics Institute, Working Paper No. 326

(2001) "Easy money through the back door", Levy Economics Institute, Working Paper No. 323

(2001) "The loanable funds fallacy: Exercises in the analysis of disequilibrium", Cambridge Journal of Economics, 25 (5), 591-616.

(2000) "The loanable funds fallacy in retrospect", History of Political Economy, 32 (4), 789-831.

(2000) "On exogenous money and bank behaviour: The Pandora's box kept shut in Keynes' theory of liquidity preference", European Journal of the History of Economic Thought, 7 (4), 532-68.

(1998) "Expectations and stock market prices" (with J. Runde), in Subjectivism and Economic Analysis (eds. R. Koppl & G. Mongiovi), London, Routledge, 183-200.

(1998) "Geldpolitik als Inflationsursache?, in Wirtschaftswissenschaft und Wirtschaftswirklichkeit (eds A. Vilks and B. Priddat), Metropolis

(1998) On Keynesian theories of liquidity preference", Manchester School, 66 (2), 238-273.

(1997) "Elektronisches Geld: Funktionsweise und wirtschaftspolitische Konsequenzen" (with T. Wichmann), RWI-Mitteilungen, 48 (3/4), 115-39.

(1996) "Maynard Keynes Ein Moderner Klassiker?: Sonderband zum 60. Jubiläum der General Theory of Employment, Interest and Money" (with Laszlo Goerke). Homo Oeconomicus

KeynesHO

(1995) Some reflections on Keynes's 'finance motive' for the demand for money", Cambridge Journal of Economics, 19 (5), 647-666.

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