Fève, P.; Matheron, J.; Sahuc, J-G. - Banque de France - 2009
The Euro area as a whole has experienced a marked downward trend in inflation over the past decades and, concomitantly … target have played a major role in the Euro area business cycle. Following an inflation target shock, the real interest rate …, had monetary policy implemented its new inflation objective at a faster rate, the Euro zone would have experienced more …