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paper re-investigates the stability properties of M3 demandin the euro area in the light of the recent economic crisis. A …
Persistent link: https://www.econbiz.de/10011532681
Deviations of policy interest rates from the levels implied by the Taylor rule have been persistent before the financial crisis and increased especially after the turn of the century. Compared to the Taylor benchmark, policy rates were often too low. This paper provides evidence that both...
Persistent link: https://www.econbiz.de/10010417484