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- W2016360053 abstract "Few governments in developed economies currently pay interest on reserves. However, Goodfriend (2001) [Goodfriend, M., 2001. Interest on reserves and monetary policy, mimeo, Federal Reserve Bank of Richmond] concludes that it is a useful tool to implement monetary policy. In a monetary growth model with a financial intermediary and a firm who needs to borrow to pay wages, it is shown that paying interest on reserves financed by a labor tax reduces welfare." @default.
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- W2016360053 date "2005-12-01" @default.
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- W2016360053 title "Distorting taxes and interest on reserves" @default.
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- W2016360053 doi "https://doi.org/10.1016/j.econmod.2005.06.006" @default.
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