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Inflation and Monetary Targeting in Germany

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Author Info

  • von Hagen, J

Abstract

We review Germany's experience with inflation targeting since the mid-1970s. Inflation targeting is the basis for monetary targeting, but the inflation target has priority over the monetary target. We develop a model of the equilibrium price level in Germany and show that, on several occasions, the Bundesbank behaved as if it pursued a price level rather that an inflation target. This may be due to the slow adjustment of the actual to the equilibrium price level.

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Bibliographic Info

Paper provided by American Institute for Contemporary German Studies- in its series Papers with number 03.

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Length: 24 pages
Date of creation: 1995
Date of revision:
Handle: RePEc:fth:amiger:03

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Postal: U.S.A.; Johns Hopkins University, American Institute for Contemporary German Studies. 1400 16th Street, N.W. Suite 420 Washington, D.C. 20036-2217

Related research

Keywords: GERMANY ; INFLATION ; MONETARY POLICY;

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