patterns in economic activity and inflation following oil price shocks in the euro area. In the 'normal regime', oil price … shocks are followed by sizeable and sustained macroeconomic fluctuations, with inflation and economic activity moving in the … same direction as the oil price. The responses of inflation expectations and wage growth point to second-round effects as a …

recently adopted inflation targets. Some significant shifts in the conduct of monetary policy are detected in the G3 countries … begin to look consistent with an inflation-targeting regime. In addition, the introduction of inflation targeting and … inflation targets and central bank reforms. The paper challenges the one-size-fits-all attitude towards modern central bank …