Monetary policy with transitory vs. permanently low growth
Abstract
The recent economic slowdown in the euro area depends on
supply-side and demand-side factors with different consequences on potential output. On the one hand, it may grow at a
low pace for a long time; on the other hand, it may soon grow a
bit faster. The ECB strategy has to adapt to these different
possible outcomes. Anyway, we argue that the ECB has rooms
for manoeuvre whatever the trend in output
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