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economists of our time. The dominant view in economics is that money and government should play only minor roles in economic life … unsettled. The view taken in this important new book is that the omnipresence of uncertainty makes money and government … economists, and embolden them to return money and government to the starring roles in the economic drama that they deserve …
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Periods of economic and financial stress traditionally give rise to profound changes in economic theory and in the way policy decisions are taken. Motivated by the recent interest in renewing macroeconomics after the global financial crisis, we collected the views of senior central bank staff in...
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This paper proposes tests of policy ineffectiveness in the context of macroeconometric rational expectations models. It is assumed that there is a policy intervention that takes the form of changes in the parameters of a policy rule, and that there are sufficient observations before and after...
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