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The official view on ECB monetary policy claims that monetary decisions are based solely on average data for the euro … zone and that diverging regional developments are disregarded. However, experience from other two tier central banks and … offer some first weak support for an impact of regional divergence in ECB decision making. The results further clarify that …
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This paper contrasts the United States and European situations during the crisis and examines how much of the crisis has been imported by Europe from the US. The paper argues that Europe never had a chance to avoid contagion from the US. It also documents the relatively limited reaction of both...
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