Kamps, Christophe; Scheide, Joachim - Institut für Weltwirtschaft (IfW) - 2001
in the past will solve the problem. Many observers have urged the ECB to follow the example of the Fed and cut interest … rates in order to prevent a sharp drop in economic activity. But in our view the ECB neither should nor will alter its … presented by the ECB last December do not justify a cut in interest rates. In the medium run, the expansion of the money stock …