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monetary shocks. To do so I develop a quantitative general equilibrium model of the bank-lending channel with imperfect credit … are credit constrained and large firms are not. For some parameter values the model reproduces the cyclical observations …
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Remarks by Charles L. Evans, President and Chief Executive Officer,Federal Reserve Bank of Chicago Czech National Bank Prague, Czech Republic
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"We study how competition from privately supplied currency substitutes affects monetary equilibria. Whenever currency is inefficiently provided, inside money competition plays a disciplinary role by providing an upper bound on equilibrium inflation rates. Furthermore, if Furthermore, if 'inside...
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