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Mortgage loans are a striking example of a persistent nominal rigidity. As a result, under incomplete markets, monetary policy affects decisions through the cost of new mortgage borrowing and the value of payments on outstanding debt. Observed debt levels and payment to income ratios suggest the...
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The 1950s are often pointed to as a decade in which the Federal Reserve operated a particularly successful monetary policy. The present paper examines the evolution of Federal Reserve monetary policy from the mid-1930s through the 1950s in an effort to understand better the apparent success of...
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estimated model considers a monetary policy regime where the central bank targets overall inflation but is also concerned about … have on the central bank's loss, for different specifications of its preferences. I obtain conditions under which the … macroeconomic outcomes. If instead the central bank places relatively more weight on output stabilization, responding directly to …
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"This paper studies the relationship between civil war and private investment in a poor, resource abundant country …"--Federal Reserve Bank of St. Louis web site …
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