De Nederlandsche Bank for useful and stimulating comments.
The views expressed in this paper are our own and do not … necessarily reflect those of the European Central Bank
or the National Bank of Belgium.
2 European Central Bank, CEPR and … University of Ghent, e-mail: Frank.Smets@ecb.int
3 National Bank of Belgium, e-mail: Rafael.Wouters@nbb.be
This paper can be …