Against these benefits, it could be argued that with EMU membership Greece has lost its independent exchange rate and monetary policies, which could be useful instruments for improving competitiveness and employment. However, it cannot be said that this loss is very great.
in the United States saw a severe macroeconomic shock as a relevant contingency. 1  2  What I’m terming the “mandate-consistent real interest rate” is the same as the “natural real rate of interest” in simple New Keynesian models. BIS central bankers’ speeches  However, in the wake of the Great Recession and the Not-So-Great Recovery, the story is different.