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the market economy. The reasons for this disconnect are largely two: tax policy in recent decades and recent monetary policy. It would be impossible to discuss those policies in detail here. Therefore, we shall limit ourselves to some rather

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-Based Computational Modelling . Princeton University Press . Erceg , C. J. – Henderson , D. W. – Levin , A. T. ( 2000 ): Optimal Monetary Policy with Staggered Wage and Price Contracts

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2017 ). (German reservations were later rejected by the European Court of Justice which acknowledged that the OMT was needed to maintain an effective monetary policy transmission.) The OMT provides two key insights for our paper. First, it highlights

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Economic Review 51 ( 4 ): 657 – 665 . Natalucci , F. M. – Ravenna , F. ( 2002 ): The Road to Adopting the Euro: Monetary Policy and Exchange Rate Regimes in EU Candidate Countries FED International

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nominal exchange rates and more broadly, own monetary policy ( Mundell 1961; McKinnon 1963; Kenen 1969; De Grauwe 2012 ). To put it otherwise, currency unions create a trap or an impossible trinity. The trilemma states that out of exchange rate stability

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domestic capital leaks out of the country, the bank credit channel of monetary policy is destabilized, making monetary policy object challenging to realize. Also, the continuous outflow depletes the foreign reserve so governments would have to spend

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): Dilemma or Trilemma: The Global Financial Cycle and Monetary Policy Independence . National Bureau of Economic Research, Working Paper, No. 21162 , http://www.nber.org/papers/w21162

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scale and scope. It involves highly accommodative monetary policy and increased government support in the form of Job Retention Schemes, guarantees, repayment moratoria, tax cuts, subsidies and transfers of various kinds; as well as legal and regulatory

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Scientometrics
Authors: Victor Bucheli, Adriana Díaz, Juan Pablo Calderón, Pablo Lemoine, Juan Alejandro Valdivia, José Luis Villaveces, and Roberto Zarama

—input and output indicators . Monetary Policy & the Economy,1 , 43 – 57 . Retrieved from http://www.oenb.at/en/img/mop_2005_1_analyses3_tcm16-26926.pdf . Accessed 2 July 2011. Jin , B , Rousseau , R

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, fiscal and monetary policy are useful tools to manage cyclical slowdown, but much less useful in counteracting secular, structural decline. As I illustrated above, pre-virus growth rates were halved in a decade, and that despite the ongoing joint fiscal

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