of inflation on growth and economic welfare. It is shown that the traditional approach to measure the welfare costs of … inflation may be misleading: It ignores the costs or benefits of the transition to the new steady state. This omission may bias … estimates of the total welfare gains to be achieved by reducing inflation and of the optimal degree of disinflation. It is also …

three transitory shocks comprise a short term interest rate shock, an aggregate demand shock and a money demand shock. The … main conclusions are that permanently reducing the inflation objective depresses output in the first year, but has no real …

-varying parameter analysis. Our results indicate that in the euro area the impact on output of a monetary shock have decreased in time …

, five structural shocks to the economy are identified. In contrast to the euro area, output and inflation are not … targeting for Germany. Money seems not to be controllable and the leading indicator role of money for inflation is not detected. …

econometric methods are applied to assess the impact of expected inflation, real exchange rate, money supply, and domestic credit …

We analyze the effects of a contractionary Dutch monetary policy shock that is consistent with the fixed guilder …