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

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

-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 …

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

implement a case-study on the response of banks in France, Germany, Italy and Spain to a monetary tightening. The episode we …

like those which appear to be typical in Germany …

exchange rate overshooting to undershooting. Using constrained maximum likelihood methods, the model is estimated for Germany …

rate and the German economy. The results indicate that such effects are large. If Germany keeps its money growth unchanged … inflation and in unemployment. If it adopts an equivalent policy of monetary restraint, it will tend to benefit from a marked … decline in inflation, but the cost in terms of lost output is extremely large …