Clarida, Richard; Galí, Jordi; Gertler, Mark - C.E.P.R. Discussion Papers - 1997
This paper reports estimates of monetary policy reaction functions for two sets of countries: the G3 (Germany, Japan … banks has pursued an implicit form of inflation targeting, which may account for the broad success of monetary policy in …’, the E3 central banks were heavily influenced by German monetary policy. Further, using the Bundesbank’s policy rule as a …