MacDonald, Ronald; Wójcik, Cezary - In: Economic Systems 32 (2008) 1, pp. 4-16
We propose an alternative explanation for the nature, sources and consequences of inflation rate differentials in a monetary union, such as the euro area. We build on the new neoclassical synthesis (NNS) framework, recently advanced by Goodfriend [Goodfriend, M. 2002. Monetary Policy in the New...