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Inflation and Disintermediation

Journal of Financial Economics, 2018
In a 47-country panel, large inflation increases are followed by aggregate lending contractions, driven by banks with balance sheets most exposed to inflation. We explore how rising inflation affects the macroeconomy through a banking channel by studying an early-1977 unexpected increase in inflation in the U.S.
Isha Agarwal, Matthew Baron
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Disintermediator-in-Chief

2020
First as a candidate then as president, Donald Trump understood the power of disintermediation that allows him to speak directly to a wide audience, in a process which is crucially amplified by mass media. He talks to the public through his tweets, cutting out the mainstream media.
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