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increase, in a way that is characteristic of estimated central bank reaction functions, but not of Taylor's proposal. …
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Presentation to the "The Future of the Federal Reserve", Center for Economic Policy Studies (CEPS), Princeton University, Princeton , N.J., April 02, 2005
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Market News International (MNI), New York, Sept. 28, 2007
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This paper proposes a simple framework for analyzing a continuum of monetary policy rules characterized by differing degrees of credibility, in which commitment and discretion become special cases of what we call quasi commitment. The monetary policy authority is assumed to formulate optimal...
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by the world's main central banks, including differences in central banks' management of marginal lending and deposit … facilities in response to shocks. Our model is consistent with central banks' observed practice of rationing access to marginal …
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