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The author develops a dynamic model with two types of electronic money: reserves for transactions between bankers and … unconventional monetary policy since the Great Recession. After quantitative easing, keeping the interest on reserves near zero too …
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The author develops a dynamic model with two types of electronic money: reserves for transactions between bankers and … unconventional monetary policy since the Great Recession. After quantitative easing, keeping the interest on reserves near zero too …
Persistent link: https://www.econbiz.de/10012221945
depreciation via inflation, but on a swap of bonds and central bank reserves that bear lower interest rates. Budget constraints and …
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