The ECB’s New Monetary Policy Strategy
نویسندگان
چکیده
Abstract The ECB updated its monetary policy strategy for the first time in 18 years July 2021. Therein, announced that it is willing to accept a transitory period of moderate inflation overshoot efforts push upwards after long undershooting target. This study explores whether such an can be economically justified employing simple Phillips curve model. results point conclusion average rate over business cycle consolidated about one percentage below ECB’s target rate. A temporary asymmetry seems therefore realign and expectations with
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ژورنال
عنوان ژورنال: Intereconomics
سال: 2021
ISSN: ['0020-5346', '1613-964X']
DOI: https://doi.org/10.1007/s10272-021-1002-9