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Do Sanctions Backfire? New Evidence on the Macroeconomic Effects of Supporting Ukraine
Using a balanced panel of 129 countries from 2000 to 2024, we estimate the macroeconomic costs of sanctions on Russia. To that end, we employ a novel two-wave common-correlated-effects imputation design that separates the 2014 sanctions from the 2022 escalation and accounts for heterogeneous exposur
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