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Inflation responses to aggregate demand shocks, endowment shocks, and money demand shocks are examined in the policy regime in which the fiscal theory of the price level is valid, using a simple endowment economy model. An interesting finding is that, in the presence of money demand and endowment shocks, a larger steady state real value of (nominal) government debt (bonds) lowers volatility of the...
The effects of monetary policy shocks on trade balance (in volume, unit value, and total nominal value) are examined in France, Italy, and the UK using VAR models. The results are consistent with the expenditure-switching effect, but there is little evidence of the J-curve effect.
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