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While many analyses of monetary policy consider only a target for a short-term nominal interest rate, other dimensions of policy have recently been of greater importance: changes in the supply of bank reserves, changes in the assets acquired by central banks, and changes in the interest rate...
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theoretic approach to monetary policy. Leading theorists and practitioners of this view have indeed rejected the quantity theory … interest rates to changes in the price level. This paper evaluates these recent developments in the theory and practice of …
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