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This paper employs a two-country New Keynesian DSGE model to assess the macroeconomic impact of the changes in monetary policy frameworks and the fiscal support in the U.S. and euro area during the pandemic. Moving from a previous target of “below, but close to 2 percent” to a formal...
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on output, inputs and total factor productivity. The analysis provides evidence on the diffusion of intangible investment … slowdown in labour productivity growth has been driven by a decline in TFP growth with relatively a minor role for tangible and …
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