The Policy of the Deutsche Bundesbank: An Empirical Investigation
In this study a new latent variables approach of causal modelling under rational expectations is used to evaluate some important aspects of monetary policy. Latent variables are hypothetical concepts or constructs such as permanent/transitory income, human capital, price level, business cycle, socioeconomic status, economic expectations or shadow economy, that cannot be observed directly, but in economic theory are supposed to influence the relationships among observed (manifest) variables.
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