Fève, P.; Matheron, J.; Sahuc, J-G. - Banque de France - 2009
unemployment rate has increased and economic activity has been sluggish. Changes in the implicit inflation target, viewed as low … estimates the dynamics of the implicit inflation target in the euro zone over the period 1970Q1-2004Q4. Based on a small … restrictions: (i) the inflation target is a non stationary process, (ii) inflation is a monetary phenomenon in the long-run, and …