combination of inflation targeting and monetary targeting. Well conceived monetary targeting with a commitment to a long-run money … growth rate corresponding to inflation target could reinforce the credibility of central bank announcements and the role of … inflation target as strong and credible nominal anchor for private inflation expectations. However, an inflation …

public finances. We show that when the ECB misses its inflation target this has large heterogeneous fiscal consequences for … missing their inflation targets. They are also sizeable …