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the Household Saving Rate in Austria. Monetary Policy & the Economy , ONB Q4/2004. Duesenberry, J. S. (1949): Income, Saving and the Theory of Consumer Behavior . Cambridge, MA: Harvard University Press

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transparent monetary policies tend to exhibit better financial stability. There have been numerous studies on financial policy reforms following the crises. Given the argument that financial liberalisation without prudential regulation often causes financial

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Reputation in a Model of Monetary Policy. Journal of Monetary Economics , 12(1): 101–120. Gordon D. B. Rules, Discretion and Reputation in a Model of Monetary Policy

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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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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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-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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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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