Fève, P.; Matheron, J.; Sahuc, J-G. - Banque de France - 2009
unemployment rate has increased and economic activity has been sluggish. Changes in the implicit inflation target, viewed as low … frequency movements of inflation, might possibly explain these developments. To highlight this issue, the present study … estimates the dynamics of the implicit inflation target in the euro zone over the period 1970Q1-2004Q4. Based on a small …