... sole channel for monetary policy. But it also brings into focus the extreme limitingargument regarding the ineffectiveness of monetary policy in a liquidity trap. Orphanides and Wieland (1998), which ... money, Financial Times, July 17.Meltzer, A., 1999, Monetary policy at zero in ation, August.Orphanides, A. and V. Wieland, 1998, Price stability and monetary policy effectivenesswhen nominal interest ... “Measurement bias in the HICP: what do we know, and what do we need to know?” byM. A. Wynne and D. Rodríguez-Palenzuela, March 2002.132 Inflation dynamics and dual inflation in accession countries:...