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Monetary policy in deflation: the liquidity trap in history and practice

✍ Scribed by Athanasios Orphanides

Book ID
116761282
Publisher
Elsevier Science
Year
2004
Tongue
English
Weight
240 KB
Volume
15
Category
Article
ISSN
1062-9408

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## Abstract We analyse the international transmission of monetary shocks with a focus on the effects of foreign liquidity on the euro area. We estimate two domestic structural VAR models for the euro area and then we introduce a global liquidity aggregate. The impulse responses show that a positive