Front Matter Page
European Department
Authorized for distribution by Dimitri G. Demekas
Contents
I. Introduction
II. The Model
A. The Benchmark Model
B. Policy Rules
III. Empirical Analysis
A. Data
B. Comparative Output and Inflation Results for the EU
C. Robustness Analysis: Country Data
D. Robustness Analysis: Alternative Measures of the Output Gap
E. Robustness Analysis: An Alternative Sample Period—the 1990s
IV. Concluding Remarks
References
Tables
1. GMM Estimates
2. Multivariate (IV) Estimations Under Alternative Policy Rules and Inflation Targets
3. Economic Performance of Policy Rules Under Alternative Inflation Targets (Core Price Data; HP Filter for Output Gap)
4. Economic Performance of Policy Rules Under Alternative Inflation Targets (Germany, France, Spain, and Greece)
5. Economic Performance of Policy Rules Under Alternative Inflation Targets (Core Price Data; SVAR Filter for Output Gap)
6. Economic Performance of Policy Rules Under Alternative Inflation Targets (Core Price Data: OECD Output Gap Measures-1980-2002
7. Economic Performance of Policy Rules Under Alternative Inflation Targets during the 1990s