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This paper aims at studying the relevance of the Central Bank of Brazil's independence for the efficiency of the …. Applications for the Brazilian experience discuss the importance of the Central Bank of Brazil's independence for the efficiency of …
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According to the game-theoretic model of monetary policy, inflation is the consequence of time-inconsistent behavior of the monetary authority. The inflation bias can be eased by handing over the responsibility for monetary policy to an independent central bank and appointing a...
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