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Central bank credibility, long-term yields and the effects of monetary integration
(2021-01)Forming a monetary union implies equalization of short-term interest rates across the member states as monetary policy is delegated to a common central bank, but also leads to integration of risk-free bond markets. In this ... -
Monetary and fiscal policy in a two-country model with behavioral expectations
(2025-03)We check how monetary and fiscal policies (in particular their open-economy dimensions) are affected by expectations being behavioral in the spirit of Gabaix (2020). We first show that the data strongly favor this setting ...
