Coenen, Günter; Wieland, Volker - Center for Financial Studies - 2004
In this paper, we study the effectiveness of monetary policy in a severe recession and deflation when nominal interest … under full credibility of monetary policy. However, price-level targeting may be less effective under imperfect credibility … Frankfurt am
Main, Germany, Tel: +49 69 1344-7887, E-mail: gunter.coenen@ecb.int,
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