monetary contraction. But given Germany's central role in the European Monetary System (EMS), we can also shed light on debates …

-recession trend, suggesting hysteresis. Second, while inflation has decreased, it has decreased less than anticipated, suggesting a … breakdown of the relation between inflation and activity. To examine the first, we look at 122 recessions over the past 50 years … unemployment on inflation, for given expected inflation, decreased until the early 1990s, but has remained roughly stable since …

like those which appear to be typical in Germany …

In recent years, many countries have instituted monetary reforms aimed at improving anti-inflation credibility. Is it a …

, we document several potential fiscal dominance effects during 2000-2017 under Inflation Targeting (IT), and non …

their role in influencing the credibility of the monetary authority. We focus on measures of inflation expectations, the … mean reversion properties of inflation, and indicators of exchange rate risk. In addition we place some emphasis on whether …

the adoption of inflation targeting. However, the recent financial crisis and the call for central banks to focus more on …

banking. Germany achieved a high degree of domestic stability and provided safe haven for investors in times of turmoil in the … interpreted, first and foremost, as a commitment device. In our setting, a monetary target helps anchoring inflation and inflation … well as a strong response to deviations of inflation from target and to the activity growth gap. In contrast, the response …