. While a unilateral monetary expansion increases the production efficiency in each country, it affects terms of trade in … production interdependence magnifies the efficiency-improvement effect while dampening the terms-of-trade effect. As a …

inflation variance. It derives several results about the efficiency of alternative rules in a simple macroeconomic model. First …

at the same time to contribute to low inflation and full employment is to promote the increase in efficiency in real … sector. Paper suggests that the tool by which monetary policy can affect efficiency in real sector is interest rate. In … particular, in order to promote the increase in efficiency in real sector, monetary policy should provide the equality of …

inflation variance. It derives several results about the efficiency of alternative rules in a simple macroeconomic model. First …

Despite the key role an increase in production efficiency plays in improving the competitiveness of the economy, the … efficiency of production is not reflected in the objectives of monetary policy. The paper investigates the impact of the interest … rate on firms’ efficiency and argues that it is not the interest rate itself that matters, but the gap between the interest …

inflation variance. It derives several results about the efficiency of alternative rules in a simple macroeconomic model. First …