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) makes the price level more predictable in the presence of permanent shocks to money demand. Developing a procedure that does …
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continue to reduce their security holdings while government debt issuance remains elevated. We find that increased demand by …
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The European Central Bank is unique in setting monetary policy for several sovereign states with heterogeneous debt levels and different maturity structures. The monetary-fiscal nexus is central to the functioning of the euro area. We focus on one particular aspect of that nexus, the effect the...
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-market economies. The chapter discusses the history, macroeconomic effects, theory, practice, and future of inflation targeting …
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quality" to the international currency. However, in the Euro crisis, that of the Sterling pound became equally low, while the … deviations across the European currencies in the two crises. Currency-specific money market risk was critical in explaining the …
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Using a simple case study approach. this paper compares the conduct and performance of monetary policy in six Industrialized countries since the breakup of the Bretton Woods system. Our purpose is to develop fruitful hypotheses that might usefully be explored in subsequent, more formal research....
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