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LAURENCE M. BALL is Professor of Economics at John Hopkins University, USA. He is a research associate for the National Bureau of Economic Research (NBER) and has been a visiting scholar at the Central Bank of Norway and the Reserve Bank of Australia. His academic honours include the Houblon-Norman Fellowship (Bank of England), a Professional Fellowship in Monetary Economics (Victoria University of Wellington and Reserve Bank of New Zealand), the NBER Olin Fellowship, and the Alfred P. Sloan Research Fellowship. Professor BallAs research focuses on inflation, deflation, and monetary policy. He
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