This article begins by reviewing some stylised facts about money and inflation that show that money still matters. The second section relates these stylised facts to the two-pillar monetary policy strategy of the Eurosystem, and the article concludes by addressing some interesting challenges we face in implementing our monetary analysis.
Money and inflation
Let me start with a well-known paradox which can be articulated by three propositions: first, price stability is the objective of all centra
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