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We study the design of optimal monetary policy under uncertainty in a dynamic stochastic general equilibrium models. We use a Markov jump-linear-quadratic (MJLQ) approach to study policy design, approximating the uncertainty by different discrete modes in a Markov chain, and by taking...
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informational role of cities is a primary reason for" their continued existence. This paper formalizes Marshall's theory in a model … of other implications of the theory are corroborated" empirically …
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informational role of cities is a primary reason for" their continued existence. This paper formalizes Marshall's theory in a model … of other implications of the theory are corroborated" empirically …
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