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A small, open macroeconomic model that accounts for new financial accelerator effects (the effects of fluctuations in asset prices on bank credit and economic activity) is developed to evaluate various policy rules for inflation targeting. Given conditions in asset markets and the fragility of...
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A conference held at the Federal Reserve Board, Washington, D.C., December 2-3, 2005, sponsored by the International Monetary Fund (IMF) and the International Research Forum on Monetary Policy. The Forum comprises the European Central Bank (ECB), the Federal Reserve Board (FRB), the Center for...
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