Svensson, Lars E. O.; Houg, Kjetil; Solheim, Haakon; … - 2002
and the exchange rate. In the long term, monetary policy cannot increase the average
level or the growth rate of real … growth rate of real variables. Nevertheless, monetary policy can affect the
variability of some real variables, as further … sense and can be achieved, a long-run level
or growth target for output does not make sense for monetary policy, because it …