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predictions of interest rates based on a general equilibrium theory are partially consistent with US data"--Federal Reserve Bank …
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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 markets. Nearly all the empirical work to date indicates that both interest rates and the foreign exchange value of the dollar rise and stock prices fall in response to an...
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