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the origin of the aggregate volatility reduction. We show that states with relatively high concentrations in the durable-goods …
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We study macroeconomic systems with forward-looking private sector agents and a monetary authority that is trying to control the economy through the use of a linear policy feedback rule. A typical finding in the burgeoning literature in this area is that policymakers should be relatively...
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inside and outside money does and does not allow the economy to achieve a first-best allocation of resources. We also study …
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, either by themselves, or alongside a stock of outside money. In each case we provide results on the existence and …
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endogenous fluctuations, although this conclusion depends in part on the definition of equilibrium. When justified, however …
Persistent link: https://www.econbiz.de/10005490881
Regional Economic Summit, Evansville, Ind., Nov. 20, 2008
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