productivity growth helps preserve external competitiveness while limiting inflationary pressures and the risk of a wage …

, after the global financial crisis (GFC) monetary policy faced more challenging conditions. Inflation slipped below the …

, particularly when there is a risk of low inflation, and the policy rate is constrained by the effective lower bound. Model …

alternatives proposed by Krugman, Svensson, and Turner from a risk-return perspective …

of the five countries to the 2008 crisis was countercyclical. On the fiscal side, countries had a larger fiscal space in … indicators and a reduction in financing needs in the years before the crisis. On the monetary side, the capacity to implement … countercyclical responses in future crisis episodes, the fiscal authorities should reverse expansionary measures during good times and …