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Rethinking the tools of monetary policy

Girol Karacaoglu suggests we need to move away from a price (interest-rate) centred monetary policy implementation regime and we need to control the growth of the aggregate balance sheet of the banking system ....

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Central bank digital currencies, community currencies, and the reinvention of money

Some countries have issued their own central bank digital currencies, and many European economists favour such a currency too. This column shows that when properly designed, central bank digital currencies can help stabilise the financial and monetary system. Furthermore, a complementary currency backed by a central bank digital currency can not only compensate for the demise ....

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