Fève, P.; Matheron, J.; Sahuc, J-G. - Banque de France - 2009
The Euro area as a whole has experienced a marked downward trend in inflation over the past decades and, concomitantly …, a protracted period of depressed activity. Can permanent and gradual shifts in monetary policy be held responsible for … target have played a major role in the Euro area business cycle. Following an inflation target shock, the real interest rate …