Fendel, Ralf; Frenkel, Michael - In: Zeitschrift für Wirtschaftspolitik 54 (2005) 1, pp. 101-114
Abstract The paper discusses the conduct of monetary policy of the ECB. We estimate monetary policy rules for the sample period 1999 through 2004. The results are in line with the change of the strategy the ECB recently announced. The implied inflation targets that are extracted from the...