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DIVIDEND-LANE DEMAND IMPULSE -- full sweep (% of US consumption, PCE $17.5T)
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Rows = MPC schedule; Cols = what the issuance DISPLACES

 MPC sched |      A: credit (MPC~1.0) | B: broad money (inc-wtd) |         C: flat avg 0.55
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       low |        -0.52% ($ -91.9B) |        +0.17% ($ +30.0B) |        +0.07% ($ +11.6B)
   central |        -0.42% ($ -73.1B) |        +0.22% ($ +38.5B) |        +0.17% ($ +30.4B)
      high |        -0.28% ($ -48.8B) |        +0.15% ($ +26.1B) |        +0.31% ($ +54.7B)

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BANDED HEADLINE:
  Central (central MPC, broad-money displacement): +0.22% of consumption
  Full range across schedules x displacement: -0.52% to +0.31%
    most disinflationary: -0.52% (low MPC, scenario A)
    most inflationary:    +0.31% (high MPC, scenario C)

READING: the dividend's demand impulse is small in every case (|.| < 0.5%
of consumption). Its SIGN turns on what growth-matched issuance displaces:
if it replaces bank-created credit (full reserve), it's neutral-to-
disinflationary; if it displaces broadly-held money, mildly inflationary.
That displacement question is the same full-reserve issue under debate, so
the honest claim is: bounded and small, sign contested, central ~+0.2%.
