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On global scale, central banks' holdings of foreign reserves have escalated sharply in recent years. World … in the world. This pace of reserves accumulation is occurring without regard to its diminishing marginal benefits and …
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We analyze cyclical co-movement in credit, house prices, equity prices, and long-term interest rates across 17 advanced economies. Using a time-varying multi-level dynamic factor model and more than 130 years of data, we analyze the dynamics of co-movement at different levels of aggregation and...
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