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In this paper we highlight a new channel through which dollar fluctuations can become a self-fulfilling pro-cyclical force. We call this mechanism "Imperial Circle" as it makes the dollar the dominant macroeconomic variable in the context of the curr
Externí odkaz:
https://explore.openaire.eu/search/publication?articleId=od______1687::2909c11d7144626562256b54e1364f01
https://hdl.handle.net/10419/272858
https://hdl.handle.net/10419/272858
