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Auerbach et al. (2022) investigate the impact of fiscal policy during the pandemic by analysing the effectiveness of the 'slack' and 'high marginal propensity to

Auerbach et al. (2022) investigate the impact of fiscal policy during the pandemic by analysing the effectiveness of the 'slack' and 'high marginal propensity to consume' channels. Explain what these two channels are and discuss their relevance for fiscal policy effectiveness.

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