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The Lessons from the Current Crisis for Macro-theory and Policy
Wealth effect natural rate of interest real profit rate
2010/9/7
This paper questions the validity of the New Consensus Macroeconomics (NCM) or Neo-Wicksellian model in explaining the recent credit crisis and dealing with it from a policy perspective. It attempts t...
Monetary Policy Independence: The First Ten Years of the UK Monetary Policy Committee … and the first year of the “not-nice” decade ...
MPC inflation targeting GDP growth “fan charts” inflation reports
2010/9/7
In May 1997 a new government was elected in the United Kingdom and one of its first acts was to hand over the setting of the official interest rate to a committee of the Bank of England, the Monetary ...
The End of the Japanese Stagnation: An Assessment of the Policy Solutions
Factor vector autoregression large scale macroeconometric model Japan monetary policy
2010/9/7
After more than a decade of stagnant growth, the Japanese economy is showing signs of full recovery with deflation having come to an end. Since the mid 1990s both supply side and demand side policy so...
