Cette, Gilbert; Pfister, Christian - In: International Productivity Monitor 8 (2004) Spring, pp. 27-36
and Christian Pfister from the Bank of France provide such an analysis for the case of monetary policy. They state that … the term ‘new economy’ embodies both an acceleration in productivity growth and a disinflationary effect. Central banks …-term inflation objectives. In the long term, monetary policy is most effective in achieving its objectives when the inflation target …