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This model of policy evaluation has been developed to identify factors that cause policy outcomes to diverge from the …
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The likely impact of the EMU on the variability and level of employment is analyzed. The major conclusions are as follows: (i) Although an inflation-target regime will constrain monetary policy of a non-participant in the EMU, it still leaves considerable scope for exchange-rate changes in the...
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evaluation. The sheer amount of policy activity should not blind us to the fact that responses were often insufficient to …
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