Barthélemy, Jean; Clerc, Laurent; Marx, Magali - In: Economic Modelling 28 (2011) 3, pp. 1303-1316
progressively neglected in the conduct of monetary policy. A striking exception has been the Eurosystem, which has implemented a … strategy known as the "two-pillar monetary policy strategy" giving a prominent role for money. In this paper, we develop a … small optimizing model based on Ireland (2004), estimated on euro area data and featuring this two-pillar strategy. We …