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11-Apr-2008
The strong and sustained rise in oil prices observed in recent years poses a challenge to monetary policy and its ability to simultaneously achieve low inflation and stable output. Against this background, the paper studies monetary policy in a small open economy New Keynesian DSGE model including oil as a production input and a component of final demand.
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12-Mar-2008
This paper addresses the question of whether and how monetary policy ease may lead to excesses in financial and real asset markets and ultimately result in financial dislocation. It presents evidence suggesting that periods when short-term interest rates have been persistently and significantly below what Taylor rules would prescribe are correlated with increases in asset prices, especially as regards housing, though no systematic effects are identified on equity markets.
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09-Oct-2007
The financial sector has been reorganised. Equity and commodity markets are highly efficient. Costs in banking are high and FOREX and corporate bond markets still underdeveloped necessitating further reform.
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04-Sep-2007
This Chapter presents an analysis of recent economic policy and performance, and identifies the main challenges facing Ukraine as it tries to sustain current strong growth over the long term.
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