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The Exchange Rate Targeting of Central Banks Revisited:The Role of Long-term Interest Rates [PDF]

, 2006
Using a New Keynesian macro model, the paper reconsiders the question, whether the central banks should directly respond to exchange rate movements. It is assumed that the transmission of monetary policy to output is carried out by the long-term interest
Mäki-Fränti, Petri, Lahtinen, Markus
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