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capitalism. José A. Tapia Granados is Professor at Drexel University in Philadelphia, PA, USA. He teaches courses on …
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In response to the 2008-2009 crisis, faced with distressed financial intermediaries, the ECB embarked in longer-term refinancing operations (LTROs) with full allotment. Using an estimated DSGE model with a frictional banking sector, we find that such liquidity injections have played a key role...
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