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Volatility, Crises and Growth.
AslundAnders ldy, and Valdis Dombrovskis. BakkerBas B. Bad Luck or Bad Policies? BerkmenPelinand Eduardo Cavallo. What Does the Data Reveal about Causality? BrownMartinand Helmut Stix. CalvoGuillermo A.
Balassa-Samuelson or Something Else? A History of Monetary Policy Targets, — GagnonJoseph E. Evidence from the Global Financial Crisis. Mind the Credit Gap. Regional Economic IssuesWashington.
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KaminskyGraciela L. Reinhartand Carlos A. Procyclical Capital Flows and Macroeconomic Policies. Notes on the European Transition Countries. MagudNicolas E.
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These objectives have been achieved, owing largely to successful exchange rate-based stabilization. With this accomplished, the focus has shifted to cyclical monetary management, and to appropriately managing monetary conditions during CESEE’s growth and income convergence to the euro area. Flexible exchange rates-and the ensuing capacity of monetary conditions to adapt to the economies’ needs-are likely to remain advantages, especially to extent that CESEE’s GDP and income levels will resume convergence to the euro area.
Once this process restarts, tighter monetary conditions will again be needed to limit goods and asset price inflation, and to contain growth imbalances. Search Google Scholar Export Citation.
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