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Working Paper

Protectionism in a liquidity trap

01.06.2016

This paper studies the effects of protectionism as a business cycle instrument. In normal times, protectionism reduces international trade, distorts production and reduces output. However, in a liquidity trap protectionism lowers the real interest...

Journal Article

A Note on Trend Growth and Learning About Monetary Policy Rules in a Two-Block World Economy

01.01.2017

Available evidence supports the view that growth is faster in more open economies. In order to analyze the implications of openness and growth on determinacy and learnability of worldwide rational expectations equilibria we develop a two-country New...

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