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, while others have simply disappeared. This report argues that Vietnam should not envision a return to the old normal, but … communicate. The new normal for Vietnam will depend on many factors, but it will be to a large extent shaped by the way the … fiscal policy. Yet, by being ahead of the curve, Vietnam has a unique opportunity to increase its footprint in the world …
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"We analyze the setting of monetary and nonmonetary policies in monetary unions. We show that in these unions a time inconsistency problem in monetary policy leads to a novel type of free-rider problem in the setting of nonmonetary policies, such as labor market policy, fiscal policy, and bank...
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"Monetary policy decisions tend to be based on systematic analysis of alternative policy choices and their associated macroeconomic impacts: this is science. Fiscal policy choices, in contrast, spring from unsystematic speculation, grounded more in politics than economics: this is alchemy. In...
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