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acceptable. When asset market constraints bind, the model can deliver low real interest rates and positive rates of inflation at …
Persistent link: https://www.econbiz.de/10012904080
. Over the same period the volatility of inflation has declined in most countries. Many previous papers argue that financial … globalisation has led to improved policy-making and lower inflation. This paper makes the case that there could be causation running … in the other direction. We present theory and empirical evidence indicating that more stable inflation leads to a …
Persistent link: https://www.econbiz.de/10013083474
countries with high inflation, the output effects of monetary policies are significantly reduced. A lot of variation in the …
Persistent link: https://www.econbiz.de/10002176580
countries with high inflation, the output effects of monetary policies are significantly reduced. A lot of variation in the …
Persistent link: https://www.econbiz.de/10011449687
This paper imagines a world in which countries are on the Bitcoin standard, a monetary system in which all media of exchange are Bitcoin or are backed by it. The paper explores the similarities and differences between the Bitcoin standard and the gold standard and describes the media of exchange...
Persistent link: https://www.econbiz.de/10011446194
similar result holds for inflation: to bring inflation to their desired rate, individuals would be willing to sacrifice around … 5% of their consumption. Willingness to pay to eliminate business cycles and inflation is generally higher for those …
Persistent link: https://www.econbiz.de/10015326470
This Occasional Paper analyses how significant expansions in central banks’ mandates, roles and instruments can result in challenges to the independence of monetary policy. The paper reviews, in particular, some of the key challenges to central bank independence brought about by the global...
Persistent link: https://www.econbiz.de/10013315253
countries with high inflation, the output effects of monetary policies are significantly reduced. A lot of variation in the …
Persistent link: https://www.econbiz.de/10013319175
aggressive monetary policies which results in less inflation volatility and persistence. We find this pattern emerges strongly …
Persistent link: https://www.econbiz.de/10014088615
This Occasional Paper analyses how significant expansions in central banks' mandates, roles and instruments can result in challenges to the independence of monetary policy. The paper reviews, in particular, some of the key challenges to central bank independence brought about by the global...
Persistent link: https://www.econbiz.de/10012298570