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to affect aggregate activity decline as the money-income ratio falls? In this paper, I specify simple model economy …
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In this paper, we examine the impact that changes in the rate of money creation and reserve requirements have on real seigniorage revenue. We consider two additional features that differ from previous analyses. First, the model economies grow endogenously, and that growth depends on the...
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the two second-best alternative policies are feasible in an economy with neoclassical production. Armed with these …
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