Eijffinger, Sylvester C W; Huizinga, Harry - C.E.P.R. Discussion Papers - 1999
’s flexibility to respond to economic shocks in a timely fashion, and also its credibility to maintain low inflation. Generally, the …, the central bank achieves lower inflation at the cost of somewhat higher output variability. Evidence for several key … policy changes is indeed positively related to the inflation rate. …