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prices as an information variable for monetary policy implementation. A set of option prices provides us with information on … prices on stock prices and long term government bond futures. The estimation is done for a sample of daily closing prices for …
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We consider a standard cash in advance monetary model with flexible prices or prices set in advance and show that there …
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The cutting edge of recent efforts to reshape monetary policy in many countries has been to impose a price target on the central bank. This paper examines such a policy in light of the Federal Reserve System's experience with money targeting from the late 1970s through the mid 1980s. The...
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