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prices set for one quarter at a time and a unit consumption elasticity of money demand, does not come close to reproducing … money demand of 0.27 does much better. In it real and nominal exchange rates are about 3 times as volatile as relative price …
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prices set for one quarter at a time and a unit consumption elasticity of money demand, does not come close to reproducing … money demand of 0.27 does much better. In it real and nominal exchange rates are about 3 times as volatile as relative price …
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