Did the Bundesbank Target Monetary Expansion or Inflation? Evidence from Monetary Base Growth

Artikel

Several empirical studies have suggested that the Bundesbank has pursued inflation targets rather than monetary targets. We find that, in the period from 1979 III to 1998 IV, changes in adjusted monetary base growth reacted negatively and significantly to deviations from target monetary expansion as measured relative to the nearest margin of the target band if, and only if, no control variables are added. By contrast, deviations of the inflation rate from the inflation objective used to derive the money supply target never had any significant effect on changes in adjusted monetary base growth.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Journal: Swiss Journal of Economics and Statistics ; ISSN: 2235-6282 ; Volume: 148 ; Year: 2012 ; Issue: 3 ; Pages: 439-447 ; Heidelberg: Springer

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Monetary Policy ; Central Banks and Their Policies ; Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems
• Thema: Deutsche Bundesbank ; monetary policy ; money supply targets ; inflation targets

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Boeva, Galina ; Vaubel, Roland
• Ereignis: Veröffentlichung
• (wer): Springer
• (wo): Heidelberg
• (wann): 2012

Weitere Informationen

• DOI: doi:10.1007/BF03399373
• Handle: http://hdl.handle.net/10419/186007
• Letzte Aktualisierung: 10.03.2025, 11:43 MEZ