maintenance of domestic demand despite a sharp fall of export, (iii) less serious over-employment during the run-up to the crisis … aggregate domestic demand from collapsing once a crisis is triggered. Also crucial, however, is to maintain sound economic …

have no (medium- to) long-run impact on real output.The core shock was identified to have the character of the demand shock … demand-side shock would be the better intermediate target for the final headline inflation target than the official core … very large negative impacts on the domestic demand as well as the prices of agricultural and oil-related products. This …