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This dissertation consists of three self-contained chapters on monetary policy and fiscal policy. All three papers concern the effects of monetary and fiscal policy in the presence of financial frictions. In the first paper this friction is a zero lower bound on the nominal interest rate, which...
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preferences over belief functions that reflect both their valuation of outcomes and the information available about the likelihood … to the "principle of insufficient reason". The approach is novel in its treatment of partial information and in its … axiomatization of the uniform distribution in the case of ignorance. Moreover, our treatment of partial information yields a natural …
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This paper surveys the capacity of simple macroeconomic models - 'three easy pieces' - to account for persistent and positive valuations of privately issued assets based on the blockchain. Each of these three models - transactions demand for a means of payment, consumption-based capital asset...
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