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"This paper provides an overview, using extensive documentary material, of developments in U.K. macroeconomic policy in the last half-century. Rather than focusing on well-known recent changes in policy arrangements (such as the introduction of inflation targeting in 1992 or central bank...
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"The Fed's ability to control the federal funds rate stems from its ability to alter the supply of liquidity in the … affect the federal funds rate--the liquidity effect. I find that operating procedure was used to guide daily open market … operations; however, there is little evidence of a liquidity effect at the daily frequency and even less evidence at lower …
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