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Monetary systems and the global balance-of-payments adjustment in the pre-gold standard period, 1700-1870

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Euro area monetary policy and TARGET balances: a trilogy

Eisenschmidt, Jens; Kedan, Danielle; Schmitz, Martin - 2022

The growth in TARGET balances after 2009 has given rise to intense academic and public debate. Our paper offers a systematic exposition of the necessary conditions for TARGET balances to emerge and provides a clear link to monetary policy. We show that large TARGET balances can only arise with...