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Erscheinungsjahr: 
2021
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[Journal:] Intereconomics [ISSN:] 1613-964X [Volume:] 56 [Issue:] 5 [Publisher:] Springer [Place:] Heidelberg [Year:] 2021 [Pages:] 295-298
Verlag: 
Springer, Heidelberg
Zusammenfassung: 
The ECB updated its monetary policy strategy for the first time in 18 years in July 2021. Therein, the ECB announced that it is willing to accept a transitory period of moderate inflation overshoot in its efforts to push inflation upwards after a long period of undershooting its target. This study explores whether such an overshoot can be economically justified employing a simple Phillips curve model. The results point to the conclusion that the average inflation rate over the business cycle consolidated about one percentage point below the ECB's target rate. A temporary asymmetry of the ECB's monetary strategy seems therefore justified to realign inflation and inflation expectations with the target rate.
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