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responsibility for the Eurozone crisis from the private to the public sector. Focusing on Greece, I argue that the ECB constructed … the morality of the public debtor in such a way as to make this transfer of responsibility easier and the imposition of … exclusively in terms of public sector responsibility. However, the ECB also employed a range of non-linguistic policy measures …
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The Broad Economic Policy Guidelines contain the answers of the European Commission and the governments of the EU-member countries to the European growth and employment problems. These guidelines have been the major EU-economic policy concept for around ten years now. They can be seen as a...
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In monetary policy strategies geared towards maintaining price stability conditional and unconditional forecasts of inflation and output play an important role. In this paper we illustrate how modern sticky-price dynamic stochastic general equilibrium (DSGE) models, estimated using Bayesian...
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Against the background of the recent housing boom and bust in countries such as Spain and Ireland, we investigate in this paper the macroeconomic consequences of cross-border banking in monetary unions such as the euro area. For this purpose, we incorporate in an otherwise standard two-region...
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