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dc.contributor.authorGerberding, Christinaen
dc.contributor.authorSeitz, Franzen
dc.contributor.authorWorms, Andreasen
dc.date.accessioned2009-01-28T16:01:58Z-
dc.date.available2009-01-28T16:01:58Z-
dc.date.issued2007-
dc.identifier.urihttp://hdl.handle.net/10419/19683-
dc.description.abstractThe paper derives the monetary policy reaction function implied by money growth targeting. It consists of an interest rate response to deviations of the inflation rate from target, to the change in the output gap, to money demand shocks and to the lagged interest rate. In the second part, it is shown that this type of inertial interest rate rule characterises the Bundesbank's monetary policy from 1979 to 1998 quite well. This result is robust to the use of real-time or ex post data and to the consideration of serially correlated errors. The main lesson is that, in addition to anchoring long-term inflation expectations, monetary targeting introduces inertia and history-dependence into the monetary policy rule. This is advantageous when private agents have forward-looking expectations and when the level of the output gap is subject to persistent measurement errors.en
dc.language.isoengen
dc.publisher|aDeutsche Bundesbank |cFrankfurt a. M.en
dc.relation.ispartofseries|aDiscussion Paper Series 1 |x2007,06en
dc.subject.jelE58en
dc.subject.jelE52en
dc.subject.jelE43en
dc.subject.ddc330en
dc.subject.keywordMonetary policyen
dc.subject.keywordTaylor ruleen
dc.subject.keywordmoney growth targetsen
dc.subject.keywordhistory dependenceen
dc.subject.stwZinspolitiken
dc.subject.stwRegelgebundene Politiken
dc.subject.stwGeldmengeen
dc.subject.stwGeldpolitiken
dc.subject.stwReaktionsfunktionen
dc.subject.stwSchätzungen
dc.subject.stwDeutschlanden
dc.titleMoney-based interest rate rules: lessons from German data-
dc.typeWorking Paperen
dc.identifier.ppn528421840en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:bubdp1:5560en

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