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bain_y_howells__monetary_economics__policy_and_its_theoretical_basis

bain_y_howells__monetary_economics__policy_and_its_theoretical_basis

  • Page 2: Monetary Economics: Policy and its
  • Page 5 and 6: © Keith Bain and Peter G A Howells
  • Page 7 and 8: vi CONTENTS 5 The Theory of the Dem
  • Page 9 and 10: viii CONTENTS 12 The Monetary Autho
  • Page 11 and 12: x LIST OF BOXES, FIGURES AND TABLES
  • Page 13 and 14: xii PREFACE metrics. There are equa
  • Page 15 and 16: 2 MONETARY ECONOMICS Despite this,
  • Page 17 and 18: 4 MONETARY ECONOMICS tification of
  • Page 19 and 20: 6 MONETARY ECONOMICS the meaning of
  • Page 21 and 22: 8 MONETARY ECONOMICS as a unit of a
  • Page 23 and 24: 10 MONETARY ECONOMICS The only reas
  • Page 25 and 26: 12 MONETARY ECONOMICS demand for lo
  • Page 27 and 28: 14 MONETARY ECONOMICS assume that t
  • Page 29 and 30: 16 MONETARY ECONOMICS in the book.
  • Page 31 and 32: 18 MONETARY ECONOMICS ducing only f
  • Page 33 and 34: 20 MONETARY ECONOMICS involved in t
  • Page 35 and 36: 22 MONETARY ECONOMICS etary economi
  • Page 37 and 38: 24 MONETARY ECONOMICS acceptable in
  • Page 39 and 40: 26 MONETARY ECONOMICS also told in
  • Page 41 and 42: 28 MONETARY ECONOMICS simplified vi
  • Page 43 and 44: 30 MONETARY ECONOMICS The substitut
  • Page 45 and 46: 32 MONETARY ECONOMICS hold them and
  • Page 47 and 48: 34 MONETARY ECONOMICS sufficiently
  • Page 49 and 50: 36 MONETARY ECONOMICS asset that wo
  • Page 51 and 52: 38 MONETARY ECONOMICS Prescriptive
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    40 MONETARY ECONOMICS book with a f

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    42 MONETARY ECONOMICS Table 2.1: UK

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    44 MONETARY ECONOMICS ized by the M

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    46 MONETARY ECONOMICS ter are frequ

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    48 MONETARY ECONOMICS ent definitio

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    Box 3.1: Official measures of money

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    52 MONETARY ECONOMICS identities. T

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    54 MONETARY ECONOMICS ply and (iii)

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    56 MONETARY ECONOMICS tiple of the

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    58 MONETARY ECONOMICS of money to b

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    60 MONETARY ECONOMICS The two examp

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    62 MONETARY ECONOMICS than the deno

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    64 MONETARY ECONOMICS nous money re

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    66 MONETARY ECONOMICS and then subs

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    68 MONETARY ECONOMICS making it dep

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    70 MONETARY ECONOMICS sional appear

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    72 MONETARY ECONOMICS Further readi

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    74 MONETARY ECONOMICS system (and a

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    76 MONETARY ECONOMICS reserves are

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    78 MONETARY ECONOMICS Exercise 4.1:

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    80 MONETARY ECONOMICS notes, prices

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    82 MONETARY ECONOMICS doubted the B

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    84 MONETARY ECONOMICS Box 4.2: The

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    86 MONETARY ECONOMICS threat of ins

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    88 MONETARY ECONOMICS adjusting to

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    90 MONETARY ECONOMICS icy which tar

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    92 MONETARY ECONOMICS pendently of

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    94 MONETARY ECONOMICS 5. Explain wh

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    96 MONETARY ECONOMICS Section 4.4 t

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    98 MONETARY ECONOMICS money plays i

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    100 MONETARY ECONOMICS Box 5.1 cont

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    102 MONETARY ECONOMICS the demand f

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    104 MONETARY ECONOMICS determinatio

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    106 MONETARY ECONOMICS In The Gener

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    108 MONETARY ECONOMICS Figure 5.2:

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    110 MONETARY ECONOMICS Keynes’s a

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    112 MONETARY ECONOMICS cause bond p

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    114 MONETARY ECONOMICS needed to pu

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    116 MONETARY ECONOMICS This conside

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    118 MONETARY ECONOMICS limits himse

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    120 MONETARY ECONOMICS To investiga

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    122 MONETARY ECONOMICS The theory c

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    124 MONETARY ECONOMICS in the above

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    126 MONETARY ECONOMICS 5.9 Microeco

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    128 MONETARY ECONOMICS 5.11 Summary

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    130 MONETARY ECONOMICS 4. How is th

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    132 MONETARY ECONOMICS explaining t

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    134 MONETARY ECONOMICS (a) There is

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    136 MONETARY ECONOMICS However, Fig

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    138 MONETARY ECONOMICS required by

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    140 MONETARY ECONOMICS when the rat

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    142 MONETARY ECONOMICS Suppose, how

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    144 MONETARY ECONOMICS demands for

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    146 MONETARY ECONOMICS money, with

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    148 MONETARY ECONOMICS rather than

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    150 MONETARY ECONOMICS Such combina

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    152 MONETARY ECONOMICS (i) Financia

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    154 MONETARY ECONOMICS they do. Ins

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    156 MONETARY ECONOMICS Many attempt

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    158 MONETARY ECONOMICS Pause for th

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    160 MONETARY ECONOMICS level (they

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    162 MONETARY ECONOMICS 6.5 Sceptica

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    164 MONETARY ECONOMICS interest rat

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    166 MONETARY ECONOMICS ment of hous

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    168 MONETARY ECONOMICS have been of

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    170 MONETARY ECONOMICS 7. Explain e

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    172 MONETARY ECONOMICS • a change

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    174 MONETARY ECONOMICS central bank

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    176 MONETARY ECONOMICS As with hous

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    178 MONETARY ECONOMICS • the rela

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    180 MONETARY ECONOMICS 7.4 The tran

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    182 MONETARY ECONOMICS However, if

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    184 MONETARY ECONOMICS the supply o

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    186 MONETARY ECONOMICS Tobin's port

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    188 MONETARY ECONOMICS powerful and

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    190 MONETARY ECONOMICS On the other

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    192 MONETARY ECONOMICS In addition,

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    194 MONETARY ECONOMICS desired stoc

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    196 MONETARY ECONOMICS demand for l

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    198 MONETARY ECONOMICS est rate are

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    200 MONETARY ECONOMICS icy as in Fi

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    202 MONETARY ECONOMICS the new stoc

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    204 MONETARY ECONOMICS cause the co

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    206 MONETARY ECONOMICS 5. The text

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    208 MONETARY ECONOMICS mission mech

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    210 MONETARY ECONOMICS Phillips (19

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    212 MONETARY ECONOMICS reflect this

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    214 MONETARY ECONOMICS non-accelera

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    216 MONETARY ECONOMICS money supply

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    218 MONETARY ECONOMICS output all r

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    220 MONETARY ECONOMICS However, the

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    222 MONETARY ECONOMICS ers they alr

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    224 MONETARY ECONOMICS rate of unem

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    226 MONETARY ECONOMICS ular policy.

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    228 MONETARY ECONOMICS We know from

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    230 MONETARY ECONOMICS However, gov

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    232 MONETARY ECONOMICS This may tak

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    234 MONETARY ECONOMICS unemployment

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    236 MONETARY ECONOMICS monetary pol

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    238 MONETARY ECONOMICS The analysis

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    240 MONETARY ECONOMICS The oppositi

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    242 MONETARY ECONOMICS 9. Why shoul

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    244 MONETARY ECONOMICS ter explores

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    246 MONETARY ECONOMICS different po

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    248 MONETARY ECONOMICS balance (bal

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    250 MONETARY ECONOMICS sion if gove

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    252 MONETARY ECONOMICS leads to adj

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    254 MONETARY ECONOMICS case an argu

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    256 MONETARY ECONOMICS as we have p

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    258 MONETARY ECONOMICS Poole’s mo

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    260 MONETARY ECONOMICS Thirdly, mon

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    262 MONETARY ECONOMICS — Finland,

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    264 MONETARY ECONOMICS Some writers

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    266 MONETARY ECONOMICS the freedom

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    268 MONETARY ECONOMICS Phillips cur

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    270 MONETARY ECONOMICS being operat

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    272 MONETARY ECONOMICS appear to gi

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    274 MONETARY ECONOMICS For an elabo

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    276 MONETARY ECONOMICS In 10.6, we

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    278 MONETARY ECONOMICS ment put for

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    280 MONETARY ECONOMICS Countries ar

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    282 MONETARY ECONOMICS exchange rat

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    284 MONETARY ECONOMICS etary policy

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    286 MONETARY ECONOMICS policies in

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    288 MONETARY ECONOMICS if it involv

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    290 MONETARY ECONOMICS However, the

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    292 MONETARY ECONOMICS and prices r

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    294 MONETARY ECONOMICS goods or of

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    296 MONETARY ECONOMICS exchange rat

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    298 MONETARY ECONOMICS degree of in

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    300 MONETARY ECONOMICS this model w

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    302 MONETARY ECONOMICS The obvious

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    304 MONETARY ECONOMICS cal counterp

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    306 MONETARY ECONOMICS rate system,

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    308 MONETARY ECONOMICS government.

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    310 MONETARY ECONOMICS 6. Show on a

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    312 MONETARY ECONOMICS The reasons

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    314 MONETARY ECONOMICS Monetary pol

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    316 MONETARY ECONOMICS unregulated

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    318 MONETARY ECONOMICS elsewhere (

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    320 MONETARY ECONOMICS of last reso

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    322 MONETARY ECONOMICS The other el

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    324 MONETARY ECONOMICS relativities

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    326 MONETARY ECONOMICS term interes

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    328 MONETARY ECONOMICS 11.3 Financi

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    330 MONETARY ECONOMICS 3.1). If its

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    332 MONETARY ECONOMICS evasion. Suc

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    334 MONETARY ECONOMICS ing the capi

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    336 MONETARY ECONOMICS a bank’s a

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    338 MONETARY ECONOMICS the main rat

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    340 MONETARY ECONOMICS own rate adj

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    342 MONETARY ECONOMICS 1988 this wa

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    344 MONETARY ECONOMICS it inflation

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    346 MONETARY ECONOMICS Services Aut

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    348 MONETARY ECONOMICS Table 11.2:

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    350 MONETARY ECONOMICS Key concepts

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    352 MONETARY ECONOMICS implications

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    354 MONETARY ECONOMICS central bank

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    356 MONETARY ECONOMICS Exercise 12.

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    358 MONETARY ECONOMICS dom from pol

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    360 MONETARY ECONOMICS ground infor

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    362 MONETARY ECONOMICS vide liquidi

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    364 MONETARY ECONOMICS 2001 p.438).

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    366 MONETARY ECONOMICS Methods for

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    368 MONETARY ECONOMICS cial, to inv

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    370 MONETARY ECONOMICS ibility then

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    372 MONETARY ECONOMICS in official

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    374 MONETARY ECONOMICS 7. You obser

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    376 MONETARY ECONOMICS 13.2 The mem

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    378 MONETARY ECONOMICS The conditio

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    380 MONETARY ECONOMICS of whether i

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    382 MONETARY ECONOMICS The question

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    384 MONETARY ECONOMICS other member

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    386 MONETARY ECONOMICS they would b

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    388 MONETARY ECONOMICS really is a

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    390 MONETARY ECONOMICS Article 105(

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    392 MONETARY ECONOMICS must apply t

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    394 MONETARY ECONOMICS The first is

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    396 MONETARY ECONOMICS 13.5 The for

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    398 MONETARY ECONOMICS as much atte

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    400 MONETARY ECONOMICS The change t

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    402 MONETARY ECONOMICS Table 13.2:

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    404 MONETARY ECONOMICS about the po

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    406 MONETARY ECONOMICS ECB appeared

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    408 MONETARY ECONOMICS the November

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    410 MONETARY ECONOMICS Thus, some e

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    412 MONETARY ECONOMICS claims by th

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    414 MONETARY ECONOMICS posed in the

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    416 MONETARY ECONOMICS 8. In the te

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    418 MONETARY ECONOMICS England, the

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    420 MONETARY ECONOMICS Treasury sec

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    422 MONETARY ECONOMICS Box 14.1: Th

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    424 MONETARY ECONOMICS Box 14.2: Th

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    426 MONETARY ECONOMICS clearances.

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    428 MONETARY ECONOMICS and tends to

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    430 MONETARY ECONOMICS because bank

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    432 MONETARY ECONOMICS value of fin

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    434 MONETARY ECONOMICS members of C

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    436 MONETARY ECONOMICS Russia and L

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    438 MONETARY ECONOMICS In his expla

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    440 MONETARY ECONOMICS been rushed

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    442 MONETARY ECONOMICS Key concepts

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    Appendix 1: The IS/LM model Althoug

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    APPENDIX - I 447 causes the curve t

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    i i 1 i 0 M T O O 1 MT 0 MT O Figur

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    A taxonomy of LM impacts APPENDIX -

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    ment along the LM curve, while a ch

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    Financial innovation and the money

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    APPENDIX - I 457 where i represents

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    Appendix II: The Term Structure of

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    investor who wishes to invest for t

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    don the expectations theory and thi

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    public sector as are deposits at th

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    7. For details of theoretical exten

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    3. In dynamic optimal control model

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    6. e.g. in Zawadzki (1981), Gowland

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    cent reserve requirement for the fi

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    Artis M J and Lewis M K (1991) Mone

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    REFERENCES 477 Bean C R and Jenkins

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    REFERENCES 479 Burns A F and Mitche

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    REFERENCES 481 Cramer J S (1986)

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    Quarterly Review, 84 (3), 30-51 REF

  • Page 498 and 499:

    REFERENCES 485 Fratianni M and von

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    REFERENCES 487 their macroeconomic

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    Heffernan S A (1997) ‘Modelling B

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    REFERENCES 491 (eds) (1973) Collect

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    REFERENCES 493 Lee T H (1967) ‘Al

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    REFERENCES 495 Monetary System: a s

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    Muscatelli V A, Tirelli P and Trecr

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    Shackle G L S (1971), Discussion Pa

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    Tobin J (1956) ‘The interest-elas

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    Index Acocella N 224 Adam C 138, 15

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    frown costs 427 Galbraith J K 3, 22

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    money - continued meaning of word 2

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    Weller P 362, 363 West K 267 Whitle

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