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This paper demonstrates how a target for money growth can be beneficial for an inflation targeting central bank acting under discretion. Because the growth rate of money is closely related to the change in the interest rate and he growth of real output, delegating a money growth target to the...
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This paper discusses operational issues for countries that want to reform their monetary policy frameworks. It argues that stabilizing short-term interest rates on a day-to-day basis has significant advantages, and thus that short-term interest rates, not reserve money, in most cases should be...
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bolster Europe's ailing banks / Jakob Vestergaard and Maria Retana -- Bank resolution in comparative perspective : what … lessons for Europe? / Charles Goodhart -- Resolving problem banks : a review of the global evidence / Martin Cihák and Erlend … Nier -- Bank resolution in New Zealand and its implications for Europe / David G. Mayes -- Collateral and monetary policy …
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