"harmful inflation" regime for higher nominal GDP growth rates, these results have strong implications for guiding recent …

inflation targeting. The growth performance of this regime is compared to the one resulting from real exchange rate targets …. Inflation targeting is shown to hurt growth and employment performance. Real exchange rate targeting, on the other hand, allows … placing the economy on a higher growth path, but the trilemma hurts inflation performance. This problem may be mitigated by …

. Since inflation in our model is driven by distribution conflict, the "normal rate" of utilisation is associated with … consistent claims of firms and employees. Taking into account real debt effects of changes in inflation and distribution effects … Inflation in unserem Modell durch Verteilungskonflikte verursacht wird, ist der normale Auslastungsgrad durch miteinander …

Although euro area-wide inflation was from 1999 to 2005 almost right, i.e., "close to balance, but below 2%," and … emerges at country level is more scattered. Inside a monetary union, inflation divergences could be destabilizing and an … excessive dispersion could be a problem, thus the scattered performance of the single members in terms of HICP inflation and …