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Should Monetary Policy Target Financial Stability?. (2020). Phelan, Gregory ; Chen, William.
In: Department of Economics Working Papers.
RePEc:wil:wileco:2020-01.

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  47. Policy Implementation While we relegate the entirety of the details of policy implementation to Drechsler et al. (2018), we include the formalization of policy because they allow us to derive an expression satisfied by the real value of liquidity. Proposition 5. To implement the nominal interest rate rule it, the nominal supply of reserves Mt must grow according to dMt Mt = (it − rt)dt + dSt St + dQt Qt + dSt St dQt Qt + dYt Yt + dSt St +
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