Culture and the economy -- Stability cultures and independent central banking -- The German Stabilitätskultur -- A stability culture for europe -- Stability culture and the financial crisis in America

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 symmetric...