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Even though the sector of Non-bank financial intermediaries (NBFI) or shadow banks represent a large part of the contemporary financial system, these institutions received almost no attention in macroeconomic studies so far. Their presence has significant influence on the conduct of monetary...
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A small macroeconomic model is constructed to study the transmission of the monetary policy conducted by the Deutsche Bundesbank (DBB) since the middle of the 1970s. For this purpose quarterly, seasonally unadjusted data for the period from 1975 to 1998 are used, that is, the period until the...
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After a long period of loose monetary policy triggered by the Great Recession, some central banks are signaling that … lends support to the prediction of previous papers regarding "gradualist" policies: a central bank that adjusts the policy … otherwise to the central bankś medium- or longer-run interest rate target. …
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