Procyclical stop-and-go policies are intensified when macroeconomic policies are intertemporally inconsistent(a result of weak fiscal and monetary institutions and rules) and when banking systems are weak and exchange-rate regimes are rigid
Procyclical stop-and-go policies are intensified when macroeconomic policies are intertemporally inconsistent(a result of weak fiscal and monetary institutions and rules) and when banking systems are weak and exchange-rate regimes are rigid