The Mystique Surrounding the Central Bank's Balance Sheet, Applied to the European Crisis
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In spite of the mystique behind a central bank's balance sheet, its resource constraint bounds the dividends it can distribute by the present value of seignorage, which is a modest share of GDP. Moreover, the statutes of the Federal Reserve or the ECB make it difficult for it to redistribute
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美国国家经济研究局创建时间：
2013-01-01
