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Flexibles Inflationsziel für die Geldpolitik: nur neuer Wein in alten Schläuchen?
[Flexible Inflation Target for Monetary Policy]

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  • Friedrich L. Sell

Abstract

Zusammenfassung Mit altgedienten Sprachbildern sollte man sparsam umgehen. Und doch: Die von Jerome Powell, dem Chef der Federal Reserve (Fed), unlängst vorgeschlagene zukünftige Zielzone für Inflationsraten, möglicherweise verbunden mit einer Anhebung der durchschnittlichen, von der Fed angestrebten Preissteigerungsrate, erinnert stark an ein von der Deutschen Bundesbank in den 1990er Jahren durchaus erfolgreich praktiziertes Modell. Damals stand allerdings nicht die Inflationsrate selbst, sondern die Wachstumsrate der Geldmenge im Fokus.

Suggested Citation

  • Friedrich L. Sell, 2021. "Flexibles Inflationsziel für die Geldpolitik: nur neuer Wein in alten Schläuchen? [Flexible Inflation Target for Monetary Policy]," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 101(1), pages 58-62, January.
    • Handle: RePEc:spr:wirtsc:v:101:y:2021:i:1:d:10.1007_s10273-021-2826-4
    DOI: 10.1007/s10273-021-2826-4
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    References listed on IDEAS

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    1. Michael Ollinger & Friedrich L. Sell, 2017. "What Determines Union Density? A Political Economy Model of the Labor Market with Empirical Evidence in the Context of European Countries," Review of Economics & Finance, Better Advances Press, Canada, vol. 10, pages 18-32, November.
    2. Frederic S. Mishkin & Adam S. Posen, 1997. "Inflation targeting: lessons from four countries," Economic Policy Review, Federal Reserve Bank of New York, vol. 3(Aug), pages 9-110.
    3. Currie,David & Levine,Paul, 2009. "Rules, Reputation and Macroeconomic Policy Coordination," Cambridge Books, Cambridge University Press, number 9780521104609.
    4. Francesco Giavazzi & Marco Pagano, 1991. "The Advantage of Tying One's Hands: EMS Discipline and Central Bank Credibility," NBER Chapters, in: International Volatility and Economic Growth: The First Ten Years of The International Seminar on Macroeconomics, pages 303-330, National Bureau of Economic Research, Inc.
    5. Laskar, Daniel, 1994. "Time inconsistency of the optimal monetary policy : a case for target zones," CEPREMAP Working Papers (Couverture Orange) 9426, CEPREMAP.
    6. Frankel, Jeffrey A & Hardouvelis, Gikas A, 1985. "Commodity Prices, Money Surprises and Fed Credibility," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 17(4), pages 425-438, November.
    7. Paul R. Krugman, 1991. "Target Zones and Exchange Rate Dynamics," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 106(3), pages 669-682.
    8. Maa[beta], Henrich & Sell, Friedrich L., 1998. "Confident expectations, rational expectations and the optimal conduct of monetary policy," Economic Modelling, Elsevier, vol. 15(4), pages 519-541, October.
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    1. Friedrich L. Sell, 2021. "Ist das neue Inflationsziel der EZB noch zeitgemäß?," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 101(9), pages 688-691, September.

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    More about this item

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes

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