Autor: |
David D. VanHoose, Joseph P. Daniels |
Rok vydání: |
1995 |
Předmět: |
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Zdroj: |
Journal of International Money and Finance. 14:275-287 |
ISSN: |
0261-5606 |
Popis: |
Most nations have experienced ‘base drift’ of their money stocks and associated price-level non-trend-stationarities. Recent explanations for this fact have emphasized tensions among various possible objectives of central banks in closed-economy or small-open-economy frameworks. In contrast, this paper explores structural and policy interdependence among economies as an explanation for price-level non-trend-stationarities. It demonstrates that such interdependence can induce central banks to follow non-trend-stationary policies even if they desire only to smooth prices in their home economies. |
Databáze: |
OpenAIRE |
Externí odkaz: |
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