This paper examines two issues. First, we compare, based on the ratio of output-gap variability to inflation variability, the monetary policy performance of eleven EMU countries for the whole period of the EMS. Second, we examine whether the introduction of an implicit inflation-targeting by the...

The causes of the "great inflation" of the sixteenth century have long been the subject of controversy. Since some major work in the 1930s, historians have argued over a "monetary" and a "real" interpretation. What we show in this paper is, first, that there was a dissenting opinion even then;...