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? How are the price levels in the member countries determined? We extend the fiscal theory of the price level to the case of …
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? How are the price levels in the member countries determined? We extend the fiscal theory of the price level to the case of …
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The euro area has been experiencing a prolonged period of weak economic activity and very low inflation. This paper reviews models of business cycle stabilization with an eye to formulating lessons for policy in the euro area. According to standard models, after a large recessionary shock...
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