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Adam Smith's ideas about the invisible hand, was a major contribution to an ongoing tradition in monetary theory in whose …
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monetary policy reform in a world dominated by financial markets has led to the erosion of the allocation and signaling … world economy. The backlash of high government debt levels on monetary policy making is argued to have led to a hysteresis … displacement of the prevalent world monetary system. Enhanced competition between dollar and euro as international currencies …
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The purpose of the paper is to design optimal monetary policy rules in a New-Keynesian model featuring the presence of non-atomistic unions. It is shown that concentrated labor markets call for more aggressive inflation stabilization. This is because the central bank is able to induce wage...
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long-term evolution of the balance of economic weight in the world economy. Such an evolution may mitigate some flaws of …
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We analyze three related but distinct concepts concerning the renminbi's role in the global monetary system: (i) internationalization of the currency; (ii) currency convertibility; and (iii) reserve currency status. Their sequencing in relation to other policy goals such as financial sector...
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career as an academic, focusing on growth theory and Belgian and European growth patterns in the post-war period. His work is … eclectic approach towards economics, blending economic theory and empirical data beautifully to elucidate crucial policy …
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