Bullard, James Brian (contributor); Singh, Aarti (contributor) - 2007 - Rev.
), policy
rules which are too aggressive with respect to inflation are associated with
indeterminacy.
25
theU.S.,Germany,Japan …. ThesemeasuresimplytheU.S.shareas0.61,
Germany’s share as γ
2
=0.16, and Japan’s share as γ
3
=0.23. For the
later era, we interpret the three … countries as, in order, the U.S., a unified
Europe under a monetary policy conducted by the European Central Bank,
and Japan …