This is partially attributed to all of the following except Central banks focused more on exchange rates. At 4.8% in 1990, 5.6% in 1991, 1.5% in 1992, and 1.9 in 1993, inflation was kept significantly below the target of 3%. In reality, from 1995 and 1997.
Inflation decreased, indicating that supply-side factors were at work. The expansion of the labour force, productivity, and foreign competition are the three main supply-side factors. Each has undergone changes that have increased supply exchange rates since the mid-1990s. Because underemployment was increasing, the 1990s and following years saw a decline in both unemployment and the inflation.
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