摘要：Reddy contends that there is now widespread recognition of the adverse implications of high fiscal deficits on the conduct of monetary policy. Gnan and Valderrama argue that the effect of the domestic output gap on inflation in the euro area weakened markedly over time (the influence of the deviation of the global from the domestic output gap increased slightly). Fischer defines intermediate currency regimes as the ones where the government is viewed as being committed to defending a particular value of the exchange rates.
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