Comments by William White on the papers by Mishkin, Fahr and all-Conference. Confrerence organised in Frankfurt on 18 November 2010 by the European Central Bank.
I wish to begin with a crucial introductory point. According to all of the models commonly in use at central banks and international financial institutions, this could not happen.
03_6th_CBC_1.5_White_proof3.pdf
03_6th_CBC_1.5_White_proof3