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In this paper, we study the role of institutional quality in the cyclicality of macroeconomic policies of transition economies. Using annual data over 1996-2013, we find that the quality of institutions play a significant role in their ability to carry out counter-cyclical macroeconomic policy....
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This paper proposes a theory of the fiscal foundations of inflation based on imperfect knowledge and learning. The … scale and composition of the public debt, matter for inflation. As a result, fiscal policy constrains the efficacy of … monetary policy to anchor inflation expectations. The model predicts that the Great Moderation period would not have been so …
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