Bullard, James B.; Singh, Aarti - Federal Reserve Bank of St. Louis - 2007
. These measures imply the U.S. share as 0.46., the Euro area
share as γ
2
=0.36, and Japan’s share as γ
3
=0.18. There are … shows the trade-off between monetary policy in the U.S. as
against the Euro area (Germany in the earlier era) and Japan. This … (really, all three) countries. In particular, if the either the U.S., Japan,
or Germany/Euro area is either too passive or too …