terms of the intended path for inflation while involving costs in terms of risks and side effects that need to be balanced …

negatively correlated with inflation and inflation variance across countries. But the cross-country approach has been criticised … economy, higher output and somewhat lower inflation. We also investigate the interaction between the central bank and the …

estate, as well as the costs of public goods to develop alternative inflation measures in Germany since the introduction of … the euro. Real economic growth as well as median wage developments are reexamined in light of the alternative inflation …

. In particular, the replacement of the Bundesbank, directly targeting German inflation, by a European Central Bank (ECB …) targeting European inflation will remove a major institutional support of wage restraint in Germany. The consequences of this … for EMU are worked out under two scenarios, that inflation expectations will be generated by ECB monetary policy and that …

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 …

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 …