By Bennett T. McCallum
This article examines the position of economic associations and coverage within the functioning of a marketplace economic system.
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Extra info for Monetary Economics: Theory and Policy
Following strict inflation targets and tightening monetary policies could indeed turn out to be the wrong strategy, given the fragile state of the global economy. Therefore, consideration should be given to innovative ways of reconciling the objectives of growth and price stability in the face of cost push factors. 2. An effective and measured macroeconomic policy response target of 2 per cent, can negatively affect economic growth in the euro area and beyond. Available data casts doubts as to whether the interest rate increase was necessary, given that rising prices of commodities were not accompanied by unsustainable increases in unit labour costs in the majority of the countries in the region.
UNCTAD (various issues). Trade and Development Report. United Nations publications, New York and Geneva. 1 Developed countries South-East Europe and CIS Albania Armenia Azerbaijan Belarus Bosnia and Herzegovina Croatia Georgia Kazakhstan Russian Federation Serbia and Montenegro The former Yugoslav Republic of Macedonia Turkmenistan Ukraine Uzbekistan /... 1 Developing economies ... /... 0 Source: UNCTAD secretariat calculations, based on IMF, Direction of Trade and International Financial Statistics databases.
Such fears may be global economic effects of such justified in some of these counTightening of monetary a redistribution depend on how tries, due to second-round effects policy can make matters commodity-producing countries of rising wages. However, the early worse. use their windfall profits. A global moves by central banks of the G-7 fall in demand can be avoided if countries could be more damaging windfall profits are used for inthan beneficial for macroeconomic creased imports or are channelled stability.