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Der Informationsgehalt des Geldmengenziels der Deutschen Bundesbank-Ergebnisse einer Umfrage aus dem Jahr 1998-
Frey, Rainer - Institut für Volkswirtschaftlehre, Universität Rostock - 1999
stellte sich heraus, daß für knapp die Hälfte der Befragten das Geldmengenziel keinen hohen Informationsgehalt besaß. Eine … der Lage waren, das Geldmengenziel insbesondere in Hinblick auf die von der Zentralbank angestrebte Inflationsrate zu … überwältigende Mehrheit der Befragten sprach sich für eine Mischstrategie aus Geldmengen- und Inflationsziel aus. …
Persistent link: https://www.econbiz.de/10010986143
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On the role of money growth targeting under inflation targeting regime.
DAI, Meixing - Bureau d'Économie Théorique et Appliquée (BETA), … - 2009
The mainstream inflation-targeting literature makes the strong assumption that the central bank can exactly target the interest rate which affects investment and consumption decisions and hence the money supply plays no role in the monetary policy strategy. This assumption is equivalent to...
Persistent link: https://www.econbiz.de/10004992134
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Achieving Price Stability in the Euro Zone: Monetary or InflationTargeting?
Peeters, H.M.M. - de Nederlandsche Bank - 2000
In this paper a small econometric model with model-consistent expectations is adopted for the euro zone to study monetary and inflation targeting. Similation results show that the 'costs' in terms of inflation and economic growth volatility are by and large lowest in case of inflation targeting....
Persistent link: https://www.econbiz.de/10005106792
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Eurosystem Monetary Targeting: Lessons from U.S. Data
Rudebusch, Glenn; Svensson, Lars - Institute for International Economic Studies (IIES), … - 1999
Using a small empirical model of inflation, output, and money estimated on U.S: data, we compare the relative performance of monetary targeting and inflation targeting. The results show that monetary targeting would be quite inefficient, with both higher inflation and output variability. This is...
Persistent link: https://www.econbiz.de/10005190718
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Signalling and Commitment: Monetary versus Inflation Targeting
Gersbach, Hans; Hahn, Volker - C.E.P.R. Discussion Papers - 2003
This Paper compares the social efficiency of monetary targeting and inflation targeting when central banks may have private information on shocks to money demand and, because of verifiability problems, the transparency solution is not feasible. Under inflation targeting and monetary targeting,...
Persistent link: https://www.econbiz.de/10005497735
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Price Stability as a Target for Monetary Policy: Defining and Maintaining Price Stability
Svensson, Lars - Institute for International Economic Studies (IIES), … - 1999
This paper discusses how price stability can be defined and how price stability can be maintained in practice. Some lessons for the Eurosystem are also considered. With regard to defining price stability, the choice between price-level stability and low (including zero) inflation and the...
Persistent link: https://www.econbiz.de/10005419661
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Monetary Policy Issues for the Eurosystem
Svensson, Lars - Institute for International Economic Studies (IIES), … - 1999
The paper discusses the choice between inflation targeting and monetary targeting as a strategy for the Eurosystem, the actual strategy the Eurosystem announced in the fall of 1998, the framework of the policy decisions appropriate for achieving the goals of the Eurosystem, the role of the...
Persistent link: https://www.econbiz.de/10005419673
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Targeting Inflation with a Prominent Role for Money
Söderström, Ulf - Sveriges Riksbank - 2001
This paper demonstrates how a target for money growth can be beneficial for an inflation targeting central bank acting under discretion. Because the growth rate of money is closely related to the change in the interest rate and he growth of real output, delegating a money growth target to the...
Persistent link: https://www.econbiz.de/10005423768
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On the role of money growth targeting under inflation targeting regime
Dai, Meixing - Volkswirtschaftliche Fakultät, … - 2009
The mainstream inflation-targeting literature makes the strong assumption that the central bank can exactly target the interest rate which affects investment and consumption decisions and hence the money supply plays no role in the monetary policy strategy. This assumption is equivalent to...
Persistent link: https://www.econbiz.de/10005616832
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The design of a ‘two-pillar’ monetary policy strategy
Dai, Meixing - Volkswirtschaftliche Fakultät, … - 2007
In this paper, it is argued that money supply in a narrow sense and repo interest rate are two independent monetary policy instruments when the effect of interest rate policy cannot be efficiently transmitted to the economy through the monetary and financial markets. In this case, the control of...
Persistent link: https://www.econbiz.de/10005620146