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' demand for reserves moved over time? We provide a structural time-varying estimate of the slope of the reserve demand curve … approach to address endogeneity. Consistent with economic theory, our estimates show a nonlinear demand function that exhibits …
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This note argues that in a situation of an inelastic natural gas supply a restrictive monetary policy in the euro zone could reduce the energy bill and therefore has additional merits. A more hawkish monetary policy may be able to indirectly use monopsony power on the gas market. The welfare...
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