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EMU increases with convergence of structural and fiscal policies, small money holdings, a conservative European Central …
Persistent link: https://www.econbiz.de/10005792461
We examine the role of expectations in the Great Moderation episode. We derive theoretical restrictions in a New-Keynesian model and test them using measures of expectations obtained from survey data, the Greenbook and bond markets. Expectations explain the dynamics of inflation and interest...
Persistent link: https://www.econbiz.de/10008557017