Выпуск N2 за 2007 год
Опубликовано на портале: 23-12-2007Avner Bar-llan, Dan Lederman Economics Letters. 2007. Vol. 97. No. 2. P. 170-178.
We present a model that determines both monetary policy and level of international reserves. Strict monetary policy would build precautionary reserves that allow future monetary policy to better stabilize inflation and output and lower the likelihood of forthcoming financial crisis