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What I think I learned from Calvo (2010)

  What I think I learned from Calvo (2010) includes two points.  First, I can think this problem in relative-price framework.  Or, is it fruitful to think this problem in general-price framework?  Second, liquidity stock might be the one we can make use of.  Usual money stock might not be relevant.  So-called non-performing asset problem could be reformulated as the situation in which non-monetary assets don't create liquidity enough.  This could be a case of negative externality. 

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Memo to myself」カテゴリの記事

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