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the intensity of holding gold is correlated with 'global power' - by the history of being a past empire, or by the sheer …
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Ukrainian exports can be explained by standard demand theory in the long run. Using the Johansen procedure the data do not reject the hypothesis of a unit foreign-production elasticity of Ukrainian exports, which are rather price-elastic inputs for foreign producers. It is argued that due to...
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This paper studies the design, effects and interactions of monetary and fiscal policies in the euro-area and between the euro-area and the non euro-area. To do so, a stylized three-country model of monetary and fiscal policy rules is constructed. It is analyzed how monetary and fiscal rules...
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We develop a simple model of the foreign exchange market in which agents optimize their portfolio and use different forecasting rules. They check the profitability of these rules ex post and select the more profitable one. This model produces two kinds of equilibria, a fundamental and a bubble...
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of real interest parity, uncovered interest parity, and relative purchasing power parity. There is evidence these parity … the parity conditions is shrinking over time. In particular, China and Hong Kong appear to have experienced significant … determining the variability of deviations from these parity conditions. …
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