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Causal e§ects of monetary shocks: Semiparametric conditional independence tests with a multinomial propensity score
conditional independence tests instrument
2015/9/22
Macroeconomists have long been concerned with the causal e§ects of monetary policy. When the identiÖcation of causal e§ects is based on a selection-on-observables assumption, non-causality amount...
External Monetary Shocks and Monetary Integration: Evidence from the Bulgarian Currency Board
currency board Bulgaria monetary shocks ECB interest rate FED interest rate
2012/10/26
Starting July the 1st 1997, Bulgaria adopted a Currency Board (CB) monetary system. This paper aims at investigating if the adoption of the CB monetary system, which involves the cost of loosing monet...