Arestis, Philip; Mouratidis, Kostas - EconWPA - 2003
the introduction of an implicit inflation- targeting by the EMU member countries after the Maastricht Treaty changed the …This paper examines two issues. First, we compare, based on the ratio of output-gap variability to inflation … trade-off between inflation variability and output-gap variability. We employ a stochastic volatility model for the whole …