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The paper reviews the current literature on the subject in both the New Consensus and Post Keynesian frameworks. It shows that both approaches give to central banks a wrong goal (inflation, distribution, curbing speculation, and so on) and a wrong instrument (interest rate rule). The paper...
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Systematic model bias has been implicated in the global recession that began in 2007, and this bias can be traced back to assumptions about the normality of data. Nonetheless, the normal distribution continues to play a foundational role in quantitative finance. One reason for this is that the...
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evidence and discusses potential ways a central bank could use its balance sheet and monetary policy implementation framework …
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-free holdings to risky assets in the first period. The central bank reacts directly to asset price movements by selling or buying … the central bank's policy can be regarded as an effective automatic stabilizer of financial markets …
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Are critics' concerns for bank profitability a justification for the European Central Bank to raise interest rates from … monetary and regulatory policy upon departure from the ZLB. Rather than supporting bank profits, higher interest rates depress …
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