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A conjecture, advanced by some ad hoc evidence and the theory that money accommodates wage inflation in transition … economies, is tested and accepted for Yugoslavia's high inflation of the 1980's. Within a cointegration framework, an … prices) and exchange rate shocks were driving Yugoslavia's high inflation, while the impact of money supply shocks was …
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Soon, euro area membership could more than double, with the vast majority of accession countries being quite different in economic terms compared with current members. Under the current decision-making system, this can lead to high decisionmaking costs and there is a risk that monetary policy...
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