Beyer, Andreas; Gaspar, Vítor; Gerberding, Christina; … - 2008
interpreted, first and foremost, as a commitment device. In our setting, a monetary target helps anchoring inflation and inflation … banking. Germany achieved a high degree of domestic stability and provided safe haven for investors in times of turmoil in the … well as a strong response to deviations of inflation from target and to the activity growth gap. In contrast, the response …