摘要：Can the central bank of a monetary union, whose objectives are exclusively
defined in terms of union-wide variables, improve its performance by reacting to
regional variables rather than to union-wide variables only? Our answer is not
clear-cut. We find the improvement to be large when we use a backward-looking
model of the economy and negligible when we use a hybrid model. The main
determinant of this finding seems to be the different degree of inertia (or its
opposite, the forward-lookingness) characterizing the two models, rather than
other model features.
