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We study three cases in which specialized arbitrageurs lost significant amounts of capital and, as a result, became liquidity demanders rather than providers. T
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Optimal tax design attempts to resolve a well-known trade-off: namely, that high taxes are bad insofar as they discourage people from working, but good to the d
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Debt Bias and Other Distortions
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Tax distortions are likely to have encouraged excessive leveraging and other financial market problems evident in the crisis. These effects have been little exp