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"This paper examines the association between inflation, monetary policy and U.S. stock market conditions during the second half of the 20th century. We estimate a latent variable VAR to examine how macroeconomic and policy shocks affect the condition of the stock market. Further, we examine the...
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, productivity, the price level, money and credit stocks during each episode. Two booms stand out in terms of their length and rate … rapid real growth and productivity advance, suggesting that booms are driven at least partly by fundamentals. We find no …
Persistent link: https://www.econbiz.de/10013127756
, productivity, the price level, money and credit stocks during each episode. Two booms stand out in terms of their length and rate … rapid real growth and productivity advance, suggesting that booms are driven at least partly by fundamentals. We find no …
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Historical data for over hundred years and 14 countries is used to estimate the long-run effect of productivity on the … real exchange rate. We find large variations in the productivity effect across four distinct monetary regimes in the sample … argue that changes in trade costs over time may affect the impact of productivity on the real exchange rate over time. We …
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