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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Paper provided by American Institute for Contemporary German Studies- in its series Papers with number
03.
Length: 24 pages Date of creation: 1995 Date of revision: Handle: RePEc:fth:amiger:03
Contact details of provider: 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
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Find related papers by JEL classification: E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
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