Cost-Benefit Analysis of Leaning Against the Wind: Are Costs Larger Also with Less Effective ... PDF
85 Pages·2016·1.78 MB·English
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Abstract. “Leaning against the wind” (of asset prices and credit booms) (LAW), that is, a somewhat tighter monetary policy and a higher policy interest rate, has costs in terms of a weaker econ- omy with higher unemployment and lower inflation. It has been justified by possible benefits in term
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