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This Selected Issues paper analyzes France's fiscal stance using a structural stochastic model. The theoretical model … can help build buffers that could help France confront the next downturn from a stronger fiscal position. The analysis … highlights that, on average, fiscal policy in France exhibited a deficit bias over the past four decades, being unable to react …
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This paper discusses instruments and operating procedures of the conduct of monetary policy in the major industrial countries. The exchange rate mechanism of the European Monetary System (EMS) provides clear evidence of the role of exchange rates in influencing monetary policy; the commitment of...
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