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

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Author Info

  • Joerg Clostermann

    ()
    (Universität Ingolstadt)

  • Franz Seitz

    ()
    (Universität Amberg-Weiden)

Abstract

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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Bibliographic Info

Article provided by Justus-Liebig University Giessen, Department of Statistics and Economics in its journal Journal of Economics and Statistics.

Volume (Year): 222 (2002)
Issue (Month): 6 ()
Pages: 641-655

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Handle: RePEc:jns:jbstat:v:222:y:2002:i:6:p:641-655

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Related research

Keywords: Deutsche Bundesbank; monetary policy; p-star; vector error correction model; inflation;

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Cited by:
  1. Czudaj, Robert, 2011. "P-star in times of crisis - Forecasting inflation for the euro area," Economic Systems, Elsevier, vol. 35(3), pages 390-407, September.

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