deviations of inflation from target, but not to monetary growth. This result is at odds with the Bundesbank's claim that it … Bundesbank took its monetary targets seriously, but also responded to deviations of expected inflation and output growth from …

rate response to deviations of the inflation rate from target, to the change in the output gap, to money demand shocks and …-term inflation expectations, monetary targeting introduces inertia and history-dependence into the monetary policy rule. This is …

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 … policymakers at the time. -- Inflation ; Price Stability ; Monetary Policy ; Monetary Targeting ; Policy Rules …

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 … policymakers at the time. -- Inflation ; Price Stability ; Monetary Policy ; Monetary Targeting ; Policy Rules …

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 … policy-makers at the time. -- Inflation ; Price Stability ; Monetary Policy ; Monetary Targeting ; Policy Rules …

-time data set. Estimates based on the deviation of inflation from the Bundesbank's inflation target as threshold variable … suggest a switch to a stronger output gap response in the reaction function if past inflation was high. The reaction function … in the regime with higher inflation implies an overall less contractionary monetary policy than that for the low …

rate response to deviations of the inflation rate from target, to the change in the output gap, to money demand shocks and …-term inflation expectations, monetary targeting introduces inertia and history-dependence into 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 …