Philadelphia Fed Business Review
The fourth quarter Business Review for 2009 from the Federal Reserve Bank of Philadelphia, published on Monday, contains articles on:
-Monetary policy implementation. In a paper entitled ‘Monetary policy implementation frameworks: a comparative analysis', the authors argue that the Friedman rule cannot be applied when the central bank uses standing facilities, but can be used with open market operations.
-Credible information transmission by central banks. Assuming a benevolent central bank,
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