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Why did monetary authorities hold large gold reserves under Bretton Woods (1944-1971) when only the US had to? We argue that gold holdings were driven by institutional memory and persistent habits of central bankers. Countries continued to back currency in circulation with gold reserves,...
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We reconsider the design of welfare-optimal monetary policy when financing frictions impair the supply of bank credit, and when the objectives set for monetary policy must be simple enough to be implementable and allow for effective accountability. We show that a flexible inflation targeting...
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developments of the EU macroprudential and monetary frameworks. In analyzing the “legal interaction” between the two frameworks in … the EU, this book seeks to provide evidence of the inconsistencies associated with the structural separation of … Approach to Monetary Policy -- Chapter 4. Policy Interactions and Conflicts -- Chapter 5. The Legal Interaction in The EU …
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