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Double Drain, Risk of Recession and Monetary Policy in Small Open Economies

Economic Research Institute (82-2759-5446) 2009.05.20 915

1. Introduction 1

2. The Model 4

3. Aggregation and Equilibrium Conditions 16

4. Results: Implications for Monetary Policy 21

5. Concluding Remarks 35

References 36

Appendix 39

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