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"Our paper examines Charles Goodhart's work on the history of monetary institutions: central bank operations under the gold standard, their behaviour in relation to the financial system in which they functioned, including their responses to banking crises, and their performance as lenders of...
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instruments of monetary policy and the timing of changes of selected real macro aggregates and price level (inflation) variables … 1960 the Fed has generally tightened when unemployment peaked and this tightening often occurred after inflation began to … rise. The Fed is often too late to prevent inflation"--National Bureau of Economic Research web site …
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