Fève, Patrick; Matheron, Julien; Sahuc, Jean-Guillaume - Université Paris-Dauphine (Paris IX) - 2010
target have played a major role in the euro area business cycle. Counter-factual exercises show that, had monetary policy …The euro area as a whole has experienced a marked downward trend in inflation over the past decades and, concomitantly …, a protracted period of depressed activity. Can permanent and gradual shifts in monetary policy be held responsible for …