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change either for the better in Standort Deutschland or for the worse in the German price stability. There is ample evidence …
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The present paper studies the consequences of conflicting narratives for the transmission of monetary policy shocks. We focus on conflict between the presidents of the ECB and the Bundesbank, the main protagonists of monetary policy in the euro area, who often disagreed on policy over the past...
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and affects the overall effectiveness of forward guidance. We find that the central banks of the U.S., the U.K., Germany …
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