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 …

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 …

Several empirical studies have suggested that the Bundesbank has pursued inflation targets rather than monetary targets …, the significance of this coefficient drops to 10 percent. By contrast, deviations of the inflation rate from the inflation …. This result holds regardless of whether the lagged or the currently expected inflation rate is employed. The results are …