Gern, Klaus-Jürgen; Kamps, Christophe; Scheide, Joachim - 2002
below their historical average. Therefore, economic activity is stimulated by monetary policy. Until spring 2003, the ECB … of money growth should not be used as an indication that monetary policy is tight and needs to be loosened because the … at its target; this neutral rate lies between 4 and 4.5 percent. Money growth has exceeded the reference value of 4 …