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and three-digit inflation. A decade later, Turkey has a comfortable balance-of-payments situation, and holds considerable …In late 1979 Turkey found itself in the throes of a foreign exchange crisis, with widespread shortages, negative growth …, despite some initial success in the early 1980s, inflation remains high and the public sector budget is out of control …
Persistent link: https://www.econbiz.de/10005281400
Should privately informed agents with diverging interests act independently or should they commit to a mechanism? This paper analyzes different communication and decision protocols when communication involves delay. It studies under which conditions agents should (i) choose their actions...
Persistent link: https://www.econbiz.de/10005498109
In this paper, we evaluate the impact of Turkey's membership on EU voting. The aspects that we discuss are decision …-making efficiency and the distribution of power in the EU's leading decision making body the Council of Ministers. We compare two …
Persistent link: https://www.econbiz.de/10005792179
, control of inflation and control over the growth of national wealth, and a third outcome of importance, a high level of …). The assignment problem considers whether fiscal policy should be used to control inflation, leaving monetary policy to …
Persistent link: https://www.econbiz.de/10005497740
pronounced increase of aggregate US producer price inflation. …
Persistent link: https://www.econbiz.de/10011145441
stability. These questions are: (1) what are the economic costs of inflation? (2) what part does monetary policy play in the … short- and medium-term evolution of inflation? (3) what are the most appropriate monetary policy strategies for fighting … inflation? …
Persistent link: https://www.econbiz.de/10005661822
corrects the average debt bias, inflation, which is attuned to the Union-average debt level, is more stable. …
Persistent link: https://www.econbiz.de/10005661884
We use evidence from the term structure of inflation expectations implicit in the nominal yields and survey forecasts … of inflation to address the question of whether or not monetary policy is effective. We construct a model that …-neutral, subjective, and objective probability measures. We extract private sector expectations of inflation from this model and establish …
Persistent link: https://www.econbiz.de/10005662095
This Paper estimates a small New-Keynesian model with imperfect information and optimal discretionary policy using data for the euro area. The model is used to assess the usefulness of monetary aggregates and unit labour costs as information variables for monetary policy. The estimates reveal...
Persistent link: https://www.econbiz.de/10005666627
stable rates of inflation in many countries. Consequently, the main goal of this Paper is to offer an overview of the main … policy issues arising in a low inflation environment and their practical relevance so as to identify the main challenges … nominal wage or price rigidities? What does the low inflation environment imply about the relative importance and effects of …
Persistent link: https://www.econbiz.de/10005666924