Optimal Monetary Policy in a Collateralized Economy
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https://www.nber.org/papers/w22599
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In the last forty or so years the U.S. financial system has morphed from a mostly insured retail deposit-based system into a system with significant amounts of wholesale short-term debt that relies on collateral, and in particular Treasuries, which have a convenience yield. In the new economy the
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美国国家经济研究局创建时间：
2016-09-01
