A later magisterial study of the analytics of interest rate rules was Woodford (2003). 4 See McCallum (1981). I should add that when we presented work based on Cooper and Fischer (1972), we were urged by several economists to focus on the interest rate as the monetary policy instrument.
The current account deficit of the balance of payments has more than halved compared to the corresponding period in 2015 – it equals 3.3% of the estimated GDP and remains fully covered by foreign direct investments.