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The annual Tsinghua Workshop in International Finance and Monetary Policy (TWIFM) will be held on May 25-26, 2017 in Beijing, which is jointly sponsored and organized by the National Institute for Fis...
Implementation of monetary policy assumes that monetary policy instruments stabilize O/N interest rates to the proximity of main policy rate to archive monetary targets. The function of stabilizing me...
We ˉnd that risk sharing in the European Union (EU) has been increasing over the past decade due to increased cross-ownership of assets across countries. Industrial speciaization has also been increa...
In this note we extend the search-based monetary DSGE model studied in Aruoba and Schorfheide (2010) and introduce liquid capital claims. More specifically, buyers in the decentralized market can use ...
We develop a two-sector monetary model with a centralized and decentralized market. Activities in the centralizedmarket resemble those in a standard New Keynesian economy with price rigidities. In the...
Ináation expectations have recently received increased interest because of the uncertainty created by the Federal Reserveís unprecedented reaction to the Great Recession.The effect of this reaction on...
We study optimal fiscal and monetary policy in an environment where explicit frictions giverise to valued money, making money essential in the sense that it expands the set of feasible trades. The two...
We introduce household production and the production of houses (construction) into a monetary model. Theory predicts inaation, as a tax on market activity, encourages substitution into household produ...
Fiscal and Monetary Stabilization Policies in a Model of Endogenous Cyclical Growth.
Fiscal and Monetary Stabilization Policies in a Model of Cyclical Growth.
In standard macroeconomic models incorporating the natural rate hypothesis and rational expectations, monetary policy has no effect on real variables. But the rational expectations assumption that e...
The potential of monetary policy to stabilize fluctuations in output and employment is demonstrated in a stochastic rational expectations model in which firms choose, considering average profitabili...
Stabilization, Accommodation, and Monetary Rules.

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