This paper uses a small open economy model to address two outstanding issues in monetary policy: (1) what restrictions on the policy rule ensure that the central bank does not introduce real indeterminacy into the economy, and (2) what is the optimal long run rate of inflation. The small open...

Policy-makers have increasingly come to focus on the role of economic factors in fuelling or dampening regional and border conflicts. This issue can be highly relevant in the case of nonrecognized entities where some economic interests may benefit from the resulting distortions while others...

This paper argues that the recent decline in the hegemony of the centre-left in Greece is related to the ideas of modernization that have dominated that tradition over the past few years. The tendency to conceptualize development in terms of a clash between the “new” and the “old”, to...

The objective of this paper is to analyse key aspects of economic policy in EMU taking into account the basic components of the Community framework, namely (i) the internal market, (ii) common fiscal rules and provisions for economic policy co-ordination, and (iii) the single monetary policy....