Money growth targeting by the Bundesbank

• 成果类型: Article; Proceedings Paper
• 署名作者: von Hagen, J
• 署名单位: University of Bonn; Indiana University System; Indiana University Bloomington
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(99)00009-4
• 发表日期: 1999
• 页码: 681-701
• 关键词: Monetary policy

摘要

The recent debate over monetary strategies concludes that monetary and inflation targeting lead to very similar patterns of central bank behavior, Why, then, do central banks insist on the strategies they use. In this paper, we develop an answer from political economy, arguing that monetary strategies are helpful in solving internal and external coordination problems for the central bank. We illustrate the point by reviewing the Bundesbank's experience with money growth targeting in the mid-1970s. Monetary targeting was a signal that the previous monetary regime had been overcome, and a means to define the role of monetary policy vis-g-vis other players in the macroeconomic policy game, and to structure the internal monetary policy debate, (C) 1999 Elsevier Science B.V. All rights reserved.