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Every currency crisis of recent years has been accompanied by a migration of billions of short-term money. Both experts and laymen have again and again been amazed at the speed at which, at relatively short notice, these enormous sums could be mobilised.
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prototypical New Keynesian model fit to Japanese data exhibits orthodox dynamics during Japan's episode with zero interest rates …. We then demonstrate that this specification is more consistent with outcomes in Japan than alternative specifications …
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