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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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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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-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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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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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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, 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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likelihood of privatization grows when it is important to decrease government spending. This strengthens the position of the Treasury or finance minister in their bargaining with “spending” ministries, just as a strict monetary policy does ( Boyco et al. 1996

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little that can be achieved here simply by raising interest rates, but there is no escape from resorting to this monetary policy instrument either. After all, attempts to counter inflation using this method must be approached very prudently

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monetary policy frameworks. Achieving price stability remains the main stabilization task. The exchange rate regimes of the former Communist countries in the region are quite diverse, ranging from stabilized arrangements to free floating. This diversity can

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