Belke, Ansgar; Herz, Bernhard; Vogel, Lukas - 2006
first place, EMU enhances the credibility of monetary policy and thereby lowers
inflation expectations. Negative employment … rules where reforms reduce both unem-
ployment and an inflation bias. In contrast, rule-based monetary policy inside EMU … structural unemployment. Secondly, they lessen
equilibrium inflation since they diminish the credibility problem of …