FÈVE, PATRICK; MATHERON, JULIEN; SAHUC, JEAN-GUILLAUME - In: Journal of Money, Credit and Banking 42 (2010) 2-3, pp. 289-323
We investigate the effects of disinflation policies on key macroeconomic variables. Using euro area data and structural vector autoregressions (SVARs), we identify disinflation shocks as the only shocks that drive nominal variables to a lower long-run level. We find that in the immediate...