PART I: MACROECONOMIC THEORY AND POLICY Macroeconomic and Monetary Policy Design The Efficiency of ECB and Fed Monetary Policy: Who Promotes Higher Growth and Lower Inflation? Central Bank Communication, Transparency and Interest Rate Volatility: Evidence from the USA The Thatcher Experiment' 1979-1990: Was it Necessary to Cure UK Inflation? Time to Forget the Phillips' Curve' Monetary Policy and the Phillips' Curve Global Imbalance Problem and its...