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Alternative monetary rules in the open-economy: a welfare-based approach
How do central banks choose among alternative monetary polocies? In this paper we analyze that question for an open economy following an interest rate rule. Many issues remain controversial in the design of such a rule. If inflation is targeted, as it presumably is, should the domestic interest rate ...
The financial accelerator under learning and the role of monetary policy
The financial crisis that unraveled after the Lehman Brothers collapse affected in different degrees almost all countries around the world independently of the direct exposure of their financial institutions to toxic assets. Most countries saw a sharp drop in demand together with sudden increases in ...