or price controls? A big part of the answer depends on the sanctions regime that is adopted. But the general point is that subsidies will tend to offset sanctions by increasing consumption rather than reducing it.
How, also ask Blanchard and Pisani-Ferry, should transfers or other spending measures be financed? Since a war is a short-term emergency, the case for additional government borrowing is strong. Moreover, at current long-term interest rates and prospective increases in nominal gross domestic product , extra debt would be affordable.
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