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This paper develops a welfare-based model of monetary policy in an open economy. We focus on the extent to which monetary policy should be employed in maintaining the exchange rate. The traditional approach maintains that exchange rate flexibility is desirable in the presence of real...
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level to a temporary risk premium shock are larger and more persistent when the ZLB is binding. Our theoretical discussion …
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This paper analyses the implications of the 'expenditure switching effect' for the role of the exchange rate in monetary policy in a small open economy. It is shown that, when the elasticity of substitution between home and foreign goods is not equal to unity, welfare depends on the variances of...
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