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This paper studies the design, effects and interactions of monetary and fiscal policies in the euro area. A stylized New Keynesian model with backward and forward looking dynamics is developed and augmented with monetary and fiscal policy rules. Numerical simulations are used to assess the...
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whether there is convergence in monetary transmission. The countries included are: Belgium, France, Germany, Italy, the … Netherlands and Spain, and the sample period is 1980-2000. We conclude that major differences in pass-through exist in our sample …
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The German Federal Constitutional Court (Bundesverfassungsgericht) submitted an order for referral to the European Court of Justice (CJEU) in 2014, asking it to clarify the compatibility of the "Outright Monetary Transactions" (OMT)-Programme with European Union law. The OMT-Programme prepares...
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