Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/186007
Authors: 
Boeva, Galina
Vaubel, Roland
Year of Publication: 
2012
Citation: 
[Journal:] Swiss Journal of Economics and Statistics [ISSN:] 2235-6282 [Volume:] 148 [Year:] 2012 [Issue:] 3 [Pages:] 439-447
Abstract: 
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.
Subjects: 
Deutsche Bundesbank
monetary policy
money supply targets
inflation targets
JEL: 
E52
E58
E42
Persistent Identifier of the first edition: 
Creative Commons License: 
https://creativecommons.org/licenses/by/4.0/
Document Type: 
Article

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