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Inflation and Monetary Targeting in Germany

Author

Listed:
  • 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.

Suggested Citation

  • von Hagen, J, 1995. "Inflation and Monetary Targeting in Germany," Papers 03, American Institute for Contemporary German Studies-.
    • Handle: RePEc:fth:amiger:03
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    More about this item

    Keywords

    GERMANY ; INFLATION ; MONETARY POLICY;
    All these keywords.

    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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