ABSTRACT. According to Rogoff, central banks would like to be able to forecast terms of trade changes, and a high level of global excess capacity relative to domestic excess capacity implies that short-run favorable terms of trade gains. Gnan and Valderrama hold that the notion that central banks worldwide did a better job in reducing inflation and keeping it low is developed in various directions. Reddy observes that the period since the 1990s has witnessed some convergence in the conduct of monetary policy, worldwide.



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