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model in several directions: using expected utility as well as nonexpected utility to consider the role of risk aversion …
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security system can play in insuring and reallocating idiosyncratic as well as aggregate risk. I also argue that the underlying …
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We study monetary policy at the zero lower bound in a traceable three-period model, in which price-level targeting emerges endogenously in the welfare function. We characterize optimal price-level forward guidance under discretion and commitment. Potentially non-monotonic discretionary welfare...
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