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lead to very similar patterns of central bank behavior. This raises the question why central banks insist on the strategies … solving internal and external coordination problems for the central bank. We illustrate the point by reviewing the Bundesbank …’s introduction of monetary targeting in the mid- 1970s. Monetary targeting was important for the Bank as a signal that the previous …
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Over the past three years, as the euro area has struggled with high levels of sovereign debt, it has been gradually developing into a debt union. However, this is not a sustainable arrangement. This article proposes two alternatives to a debt union: a fiscal union and a monetary union with...
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-2008/9 exchange rate liquidity shock would have been more drastic but for central bank currency swaps. This evidence is bolstered by a … sector agents than are feasible in econometric or algebraic investigations and employs a new central bank cooperation … policy ; exchange rate shocks ; central bank cooperation ; central bank conflict …
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