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Economic theory traditionally suggests that monetary policy can influence the business cycle, but not the long-run potential output. Despite well documented theoretical and empirical consensus on money neutrality in the literature, the role of money as an informational variable for monetary...
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regime dependent two-pillar Phillips curve for the euro area, in which lagged credit growth determines the transition …
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lending in the sense that some socially productive firms are denied credit due to excessively high interest rate. …
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