Arestis, Philip; Karouglou, Michail; Mouratidis, Kostas - Department of Economics, University of Sheffield - 2011
lot of weight on price stability. However, there is evidence of 'price puzzle' especially in the high volatility regime … frontiers. Empirical results from the static model show that monetary policy in the European Monetary Union and in the UK put a …, 1993 and 1995 and of the more recent 2008 financial crisis. Estimates of the optimal policy frontier suggest that although …