Boeva, Galina; Vaubel, Roland - In: Swiss Journal of Economics and Statistics (SJES) 148 (2012) III, pp. 439-447
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...