Rajan and co-authors present paper to ECB research conference
Paper introduces “pledgeability” as analytical tool
European Central Bank (ECB) president Mario Draghi opened the ECB's first annual research conference today (September 28), hoping to "bring together academia and central banks working at the cutting edge of economics".
The global financial crisis had forced the ECB to "fundamentally deepen our understanding of the monetary transmission mechanism", he said. The ECB is now "eager for academia to catch up" with central bankers' analysis of monetary policy.
Central bankers and academics also needed
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