Fève, Patrick; Matheron, Julien; Sahuc, Jean-Guillaume - Université Paris-Dauphine (Paris IX) - 2010
The euro area as a whole has experienced a marked downward trend in inflation over the past decades and, concomitantly … target have played a major role in the euro area business cycle. Counter-factual exercises show that, had monetary policy … implemented its new inflation objective at a faster rate, the euro zone would have experienced more sustained growth than it …