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This paper integrates a money and credit market into a static approximation of the baseline New Keynesian model based on a money-and-credit-in-the-utility approach, in which real balances and borrowing contribute to the household’s utility. In this framework, the central bank has no direct...
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This paper investigates the dynamic effects of monetary and fiscal policy in a monetary union, which is characterized by asymmetric interest rate transmission. This asymmetry gives rise to intertemporal reversals in the relative effectiveness of policy on member country outputs. The direction...
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möglich, erfordert jedoch eine Ausgestaltung der Geldpolitik, die in qualitativer Hinsicht zeitkonsistent, aber in … quantitativer Sicht zeitinkonsistent ist. Sie erfordert nämlich, dass die Zentralbank für den Zeitpunkt der antizipierten …
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