Razin and Loungani analyze how globalization induces monetary authorities, guided by the welfare criterion of a representative household, to put greater emphasis on reducing the inflation rate than on narrowing output gaps.

NBER Reporter › Nbr. 2005, March 2005

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Razin and Loungani analyze how globalization induces monetary authorities, guided by the welfare criterion of a representative household, to put greater emphasis on reducing the inflation rate than on narrowing output gaps.

Razin and Loungani analyze how globalization induc...

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