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Record Nr. |
UNINA9910788699803321 |
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Autore |
Bulir Ales |
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Titolo |
The Maastricht Inflation Criterion : : How Unpleasant Is Purgatory? / / Ales Bulir, Jaromír Hurník |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2006 |
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ISBN |
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1-4623-6695-3 |
1-4527-0877-0 |
1-283-51669-1 |
9786613829146 |
1-4519-0920-9 |
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Descrizione fisica |
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1 online resource (43 p.) |
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Collana |
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Altri autori (Persone) |
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Soggetti |
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Deflation (Finance) - European Union countries |
Inflation (Finance) - European Union countries |
Foreign Exchange |
Inflation |
Macroeconomics |
Production and Operations Management |
Price Level |
Deflation |
Macroeconomics: Production |
Institutions and the Macroeconomy |
Currency |
Foreign exchange |
Disinflation |
Output gap |
Exchange rates |
Structural reforms |
Prices |
Production |
Economic theory |
European Union countries Economic conditions |
European Union countries Economic policy |
Hungary |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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""Contents""; ""I. INTRODUCTION""; ""II. INFLATION IN THE EUROPEAN UNION""; ""III. HOW COSTLY CAN DISINFLATION BE AND WHY?""; ""IV. POLICY IMPLICATIONS""; ""V. CONCLUSIONS""; ""References"" |
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Sommario/riassunto |
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The Maastricht inflation criterion, designed in the early 1990s to bring "high-inflation" EU countries in line with "low-inflation" countries prior to the introduction of the euro, poses challenges for both new EU member countries and the European Central Bank. While the criterion has positively influenced the public stance toward low inflation, it has biased the choice of the disinflation strategy toward short-run, fiat measures-rather than adopting structural reforms with longer-term benefits-with unpleasant consequences for the efficiency of the eurozone transmission mechanism. The criterion is also unnecessarily tight for new member countries as it mainly reflects cyclical developments. |
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