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Poor people in developing countries can benefit from saving to take advantage of profitable investment opportunities, to smooth consumption when income is uneven and unpredictable, and to insure ag...
We consider dynamic trading of a portfolio of assets in discrete periods over a finite time horizon, with arbitrary time-varying distribution of asset returns. The goal is to maximize the total expect...
Fiscal and Monetary Stabilization Policies in a Model of Endogenous Cyclical Growth.
The stabilization trade-off between inflation and unemployment is investigated in a continuous time growth model where disequilibrium can occur in the labor market. The emphasis of the paper is on...
The effects of three different inflationary environments—high inflation, low inflation, and negative inflation—on real output stability are examined by looking at the experiences of Japan and the U...
The first luncheon was held in 1948 in Cleveland.2 Winthrop Aldrich spoke. He was President of Chase National Bank, then the largest bank in the United States. Aldrich called his talk “The Managem...
This paper documents the evolution of long-run inflation expectations and models the stance of monetary policy from 1965 to 1980. A host of survey-based measures and financial market data indicate t...
We theoretically and empirically investigate the repercussions of credit market misvaluation for a firm's borrowing and investment decisions. Using an ex-post measure of the accuracy of credit ratings...
This paper develops methods for assessing the sensitivity of capital áows to global Önancial conditions, and applies the methods in assessing the impact of macroprudential policies introduced b...
This study examined the effectiveness of U.S. and Canadian monetary policies. The study employed the methodology of multivariate cointegration and the estimation of Vector Error Correction Model (VECM...
The combination of discretionary monetary policy, labor-market distortions, and nominal wage rigidity yields excessive inflation as monetary policy tries to exploit nominal wage contracts to address l...
In this paper, we aim to design a monetary policy for the euro area that is robust to the high degree of model uncertainty at the start of monetary union and allows for learning about model probabilit...
Pricing represents a key variable in the financial advisory industry. For this reason we investigate the possibility of identifying the type of advisory provided by making use of the pricing policy th...

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