Money, Inflation and Growth in Germany-A Vector-Error-Correction-P-Star Model

The present paper uses the P-Star approach to analyze the real and price effects of German monetary policy on the basis of a multivariate vector-error-correction-model. One surprising result is that the Bundesbank does not cause the price effects of its monetary policy actions directly via (rational) expectations but only indirectly via influencing the output gap. The real effects of monetary policy are only of a temporary nature. In the long run money is neutral.

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Year of publication:	2002
Authors:	Clostermann, Joerg ; Seitz, Franz
Published in:	Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik). - Fachbereich Wirtschaftswissenschaften, ISSN 0021-4027. - Vol. 222.2002, 6, p. 641-655
Publisher:	Fachbereich Wirtschaftswissenschaften
Subject:	Deutsche Bundesbank \| monetary policy \| p-star \| vector error correction model \| inflation

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Extent:	application/pdf
Type of publication:	Article
Classification:	C4 - Econometric and Statistical Methods: Special Topics ; E4 - Money and Interest Rates ; E5 - Monetary Policy, Central Banking and the Supply of Money and Credit
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10008633360