Goodhart, Charles A. E.; Hofmann, Boris - In: CESifo economic studies : CESifo, a joint initiative of … 51 (2005) 4, pp. 757-775
on inflation and of house prices on the output gap, we are generally able to restore a significant monetary transmission … specifications it is often not possible to establish a significant link between the monetary policy instrument and output and … inflation. Based on the extended specifications of the model, which take into account the significant effect of commodity prices …