Monetary targeting in Germany: The stability of monetary policy and of the monetary system

• 成果类型: Article; Proceedings Paper
• 署名作者: Issing, O
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(97)00006-8
• 发表日期: 1997
• 页码: 67-79
• 关键词: money supply targets; Deutsche Bundesbank; Goodhart's Law

摘要

For more than two decades the Deutsche Bundesbank has followed a strategy of pre-announcing targets for the growth in broad money. Such consistency has not conflicted with limited flexibility in policy implementation. The stable policy environment may have contributed to the stability of the monetary system in general and money demand in particular, thus facilitating the maintenance of the strategy.