Bofinger, Peter (contributor); Mayer, Eric (contributor) - 2004 - [Elektronische Ressource]
. Note that the ECB only targets at euro wide averages,
whereas it does not take care on the dispersion of goal variables … that the ECB should only take care of euro wide averages of the inflation rate
and the output gap
1
.
Figure 1: Mean … into an average euro-wide shock of size ( )
1
1 n ε . This calls the
ECB upon to act. As we already saw, in the case of …