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150128 ||| eng |
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|a 9781451859942
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100 |
1 |
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|a Bayoumi, Tamim
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245 |
0 |
0 |
|a Deconstructing the Art of Central Banking
|c Tamim Bayoumi, Silvia Sgherri
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260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2004
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300 |
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|a 36 pages
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651 |
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4 |
|a United States
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653 |
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|a Interest rates
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653 |
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|a Inflation
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653 |
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|a Finance
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653 |
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|a Econometric analysis
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653 |
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|a Output gap
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653 |
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|a Monetary economics
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653 |
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|a Inflation targeting
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653 |
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|a Financial services
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653 |
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|a Real interest rates
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653 |
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|a Deflation
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653 |
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|a Production
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653 |
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|a Estimation
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653 |
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|a Macroeconomics: Production
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653 |
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|a Price Level
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653 |
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|a Cycles
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653 |
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|a Econometric models
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653 |
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|a Banks and Banking
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653 |
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|a Prices
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653 |
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|a Macroeconomics
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653 |
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|a Monetary policy
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653 |
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|a Business Fluctuations
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653 |
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|a Interest Rates: Determination, Term Structure, and Effects
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653 |
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|a Estimation techniques
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653 |
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|a Econometrics
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653 |
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|a Economic theory
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653 |
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|a Econometrics & economic statistics
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653 |
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|a Monetary Policy
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653 |
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|a Money and Monetary Policy
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653 |
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|a Production and Operations Management
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700 |
1 |
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|a Sgherri, Silvia
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041 |
0 |
7 |
|a eng
|2 ISO 639-2
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989 |
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|b IMF
|a International Monetary Fund
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490 |
0 |
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|a IMF Working Papers
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028 |
5 |
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|a 10.5089/9781451859942.001
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856 |
4 |
0 |
|u https://elibrary.imf.org/view/journals/001/2004/195/001.2004.issue-195-en.xml?cid=17727-com-dsp-marc
|x Verlag
|3 Volltext
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|a 330
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|a This paper proposes a markedly different transmission mechanism from monetary policy to the macroeconomy, focusing on how policy changes nominal inertia in the Phillips curve. Using recent theoretical developments, we examine the properties of a small, estimated U.S. monetary model distinguishing four monetary regimes employed since the late 1950s. We find that changes in monetary policy are linked to shifts in nominal inertia, and that these improvements in supply-side flexibility are indeed the main channel through which monetary policy lowers the volatility of inflation and, even more importantly, output
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