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Monetary Policy, Balance of Payments, and Business Cycles: The Foreign Experience - Review
At both the academic and policy level, the study of business cycles has been eclipsed in recent years. This development probably stems from the fact that in the industrial countries of the world, deep or prolonged recessions have not been a serious problem since World War II. In the less developed countries, the issue of economic growth holds the dominant position in theoretical and policy discussion.
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