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each other, it is often claimed that the EU fiscal framework, by reducing the budgetary room for manoeuvre and the … empirical evidence supporting this argument. In a sample of EU-15 countries over the past three decades, the introduction of the …
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Over the last thirty years or so the developments in the area of monetary and macroeconomic policies have been quite substantial. Within the new consensus macroeconomics (NCM), monetary policy is upgraded while fiscal policy is downgraded. This new monetary policy has been the main instrument of...
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