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held, and of the amount held abroad. Most macroeconomic models that address the role of outside money as a determinant of …
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A primary purpose of the Federal Reserve Act of 1913 was to prevent banking panics by establishing the Federal Reserve System to function as a lender of last resort. Other types of financial crisis require similar response, however, and the Federal Reserve has repeatedly used its capacity to...
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This paper investigates the impact of unanticipated changes in the money stock on the money, stock and foreign exchange … rise and stock prices fall in response to an unanticipated rise in the money stock. These results are broadly interpreted … compare the consistency of the response across markets to unanticipated changes in the money stock. The results suggest that …
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This brief essay is a working draft of an article in preparation for the forthcoming International Encyclopedia of the Social Sciences, 2nd ed., examining the role of the monetary base in monetary economics and monetary policymaking. Comments are welcome.
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