A Transactions Based Model of the Monetary Transmission Mechanism: Part 2
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In Part 1 the dynamics of an open market operation were analyzed for the case of logarithmic utility. Though such a utility function is useful for illustrative purposes, the implication that current prices are independent of current and future monetary injections is unsatisfactory. This implication
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美国国家经济研究局创建时间：
1982-08-01
