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We assess the effectiveness of the forward guidance undertaken by European Central Bank using a standard medium-scale DSGE model à la Smets and Wouters (2007). Exploiting data on expectations from surveys, we show that incorporating expectations should be crucial in performance evaluation of...
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Import substitution has been marginalised from development policy discourse since the 1970s. This paper examines the … domestic market' - a term used to replace the ignominy associated with 'import substitution.' The paper examines two cases … - cement and textiles - where such policies have been recently established in Rwanda. The paper argues that any attempt at …
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