Monetary Targeting in Germany

Neumann, Manfred J. M.

doi:10.1007/978-1-349-25382-1_7

Cited by 38 publications

(29 citation statements)

References 5 publications

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“…See, among others, Hallman and others (1991), Tödter and Reimers (1997), Neumann (1997), Orphanides and Porter (2000), and Masuch and others (2001). 35 Unless otherwise stated, all variables in Section III.C are defined as (log) levels.…”

Section: The P* Model: Money and The Price Levelmentioning

confidence: 97%

The ECB’s Monetary Analysis Revisited

Berger

Harjes²,

Stavrev³

2008

IMF Working Papers

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Monetary aggregates continue to play an important role in the ECB's policy strategy. This paper revisits the case for money, surveying the ongoing theoretical and empirical debate. The key conclusion is that an exclusive focus on non-monetary factors alone may leave the ECB with an incomplete picture of the economy. However, treating monetary factors as a separate matter is a second-best solution. Instead, a general-equilibrium inspired analytical framework that merges the economic and monetary "pillars" of the ECB's policy strategy appears the most promising way forward. The role played by monetary aggregates in such unified framework may be rather limited. However, an integrated framework would facilitate the presentation of policy decisions by providing a clearer narrative of the relative role of money in the interaction with other economic and financial sector variables, including asset prices, and their impact on consumer prices. Terms of use: Documents in EconStor mayJEL Classification Numbers: C11, C30, E31, E40

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Section: The P* Model: Money and The Price Levelmentioning

confidence: 97%

The ECB’s Monetary Analysis Revisited

Berger

Harjes²,

Stavrev³

2008

IMF Working Papers

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“…Neumann and von Hagen (1991) show that the German Bundesbank has often permitted deviations between actual money growth and targeted money growth because of exchange rate considerations. Von Hagen (1989) also argues that when the market is strong against both the dollar and the ERM currencies, the Bundesbank did not permanently sterilize its interventions.…”

Section: Louvre Period: 1987mentioning

confidence: 99%

U.S. Foreign-Exchange-Market Intervention during the Volcker-Greenspan Era

Bordo,

Humpage,

Schwartz

2010

Working Paper (Federal Reserve Bank of Cleveland)

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“…Reynard (2007), alluding to the quantity theory of money, defines p * as the equilibrium price level supported by the current nominal quantity of money in circulation, M t , given potential output and the equilibrium velocity, (all in logs), * t v 34 See, among others, Hallman and others (1991), Tödter and Reimers (1997), Neumann (1997), Orphanides and Porter (2000), and Masuch and others (2001). 35 Unless otherwise stated, all variables in Section III.C are defined as (log) levels.…”

Section: The P* Model: Money and The Price Levelmentioning

confidence: 99%

The ECB’s Monetary Analysis Revisited

Berger

Harjes

Stavrev

2010

The European Central Bank at Ten

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This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.Monetary aggregates continue to play an important role in the ECB's policy strategy. This paper revisits the case for money, surveying the ongoing theoretical and empirical debate. The key conclusion is that an exclusive focus on non-monetary factors alone may leave the ECB with an incomplete picture of the economy. However, treating monetary factors as a separate matter is a second-best solution. Instead, a general-equilibrium inspired analytical framework that merges the economic and monetary "pillars" of the ECB's policy strategy appears the most promising way forward. The role played by monetary aggregates in such unified framework may be rather limited. However, an integrated framework would facilitate the presentation of policy decisions by providing a clearer narrative of the relative role of money in the interaction with other economic and financial sector variables, including asset prices, and their impact on consumer prices. JEL Classification Numbers: C11, C30, E31, E40

show abstract

Monetary Targeting in Germany

Cited by 38 publications

References 5 publications

The ECB’s Monetary Analysis Revisited

The ECB’s Monetary Analysis Revisited

U.S. Foreign-Exchange-Market Intervention during the Volcker-Greenspan Era

The ECB’s Monetary Analysis Revisited

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