We estimate forward-looking interest-rate reaction functions for the G3 economies and for a group of countries which recently adopted inflation targets. Some significant shifts in the conduct of monetary policy are detected in the G3 countries, especially in the US A and Japan. In contrast with...

Three years after the birth of the European Monetary Union (EMU) economists are still divided in assessing the ability of its key institutions to provide macroeconomic stability and foster necessary reforms. Blending empirical and theoretical data, experts offer a comprehensive survey of recent...