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In this paper we propose an alternative explanation for the nature, sources and consequences of inflation rate differentials in a monetary union, such as EMU. To achieve this, we build on the new neoclassical synthesis (NNS) framework, recently advanced by Goodfriend (2002) and Goodfriend and...
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10 countries from Central and Eastern Europe (CEEC) that will join the EU 2004/7 the banking system is now dominated by …
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