both domestic and international aspects of the monetary regime before World War I has since declined in its relevance. At … and doctrine that developed under the pre-World War I convertible regime proved to be inadequate to deal with domestic … stabilization goals in the interwar period, setting the stage for the Great Depression. In the post-World War II era, the complete …

productivity growth, the natural interest rate (r*), inflation trends and monetary transmission. While trade globalisation … by upward pressures, from the boost to global productivity associated with greater trade integration. Headline inflation …. Meanwhile, core inflation rates show a lower degree of commonality. Globalisation has made a rather modest contribution to the …

decisions on the EU-wide average of inflation and growth or should it instead focus on (appropriately weighted) national welfare … losses based on national rates of inflation and growth? We find that a central bank that minimises the sum of national … of common shocks is large relative to the inflation bias and if idiosyncratic demand shocks in the non-tradables sector …