Coenen, Günter; Warne, Anders - European Central Bank - 2013
is derived from policy-makers’ preferences about inflation outcomes, we first show that downside risks to price stability … price stability in the euro area during the recent financial crisis. Using a formal measure of the balance of risks, which … future inflation can provide insurance against the materialisation of such upside risks. JEL Classification: E31, E37, E52, E …