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policy analysis. It suggests that the best method of solving the puzzle implies a close connection between theory and …
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The central bank's optimal reaction to foreign and domestic shocks is analyzed in an inflation targeting model allowing for incomplete exchange rate pass-through. Limited pass-through is incorporated through nominal rigidities in an aggregate supply-aggregate demand model derived from some...
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This study consists of an examination of productivity growth following three major technological breakthroughs: the … original invention until a substantial increase in the rate of productivity growth can be observed. There is also strong … persuasive direct evidence that the steam engine producing industry and electric machinery had particularly high productivity …
Persistent link: https://www.econbiz.de/10002167825
Few propositions in macroeconomics are less controversial than long-run money neutrality, yet clear and robust empirical support has not been found in time series studies. Bernanke and Mihov (1998) are comparatively successful in this hunt, but their output response to monetary policy shocks...
Persistent link: https://www.econbiz.de/10001600067
literature. An advantage here is that the asymptotic distribution theory is standard. The performance of the tests is compared to …
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