E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit
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Alternative Public Spending Rules and Output Volatility
One of the central lessons learned from the Great Depression was that adjusting government spending each year to balance the budget increases the volatility of output. -
Labour Markets, Liquidity, and Monetary Policy Regimes
We develop an equilibrium model of the monetary policy transmission mechanism that highlights information frictions in the market for money and search frictions in the market for labour.