Anderson, Richard G. (contributor); … - 2001 - [Elektronische Ressource]
rate.
6
The data–generating process in such models includes three
variables—real output, the inflation rate, and a short … inflation and interest rates were “high,” many central banks embraced monetary
aggregates as intermediate policy guidelines …. During the 1990s, when inflation and interest rates
were relatively “low,” most of the same central banks abandoned monetary …