potential output. A positive deviation of inflation from its trend of 1% is estimated to have triggered approximately a 1 …

potential output. A positive deviation of inflation from its trend of 1% is estimated to have triggered approximately a 1 …

exchange rate regime yields a lower loss compared to an inflation targeting policy, even if this policy ranking would be …-maker to adopt inflation targeting over a strict exchange rate targeting regime. Full credibility is not a precondition, but … exposure to foreign and financial shocks and high steady state inflation make joining the EMU relatively more attractive for a …

exchange rate regime yields a lower loss compared to an inflation targeting policy, even if this policy ranking would be …-maker to adopt inflation targeting over a strict exchange rate targeting regime. Full credibility is not a precondition, but … exposure to foreign and financial shocks and high steady state inflation make joining the EMU relatively more attractive for a …