October 1999
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971 Citations
Southern Economic Journal
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... As stated above, we know that the central bank wants to offer the smallest possible monetary expansion that satisfies the participation and incentive compatibility of each government. Since a smaller monetary policy, such as , can satisfy the participation constraint of the government with and also limits from above according to (39), the central bank would indeed set . Now subtract from : ...
- Citing Article
October 1999
Southern Economic Journal