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Disciplined Discretion: Monetary Targeting in Germany and Switzerland

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Author Info
Laubach, T.
Posen, A.S.

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Abstract

This essay offers an analysis of actual German and Swiss monetary policy that explains this gap between operation and performance. It shows that neither country's central bank can be called a monetary targeter, according to a strict, formal definition of targeting, and it argues that the historical record shows a different use for announced monetary targets in these countries.

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Publisher Info
Paper provided by International Economics Section, Departement of Economics Princeton University, in its series Princeton Essays in International Economics with number 206.

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Length: 44 pages
Date of creation: 1997
Date of revision:
Handle: RePEc:fth:priifi:206

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Postal: International Finance Section, Department of Economics Princeton University, Princeton, New Jersey, U.S.A
Phone: (609) 258-4000
Fax: (609) 258-6419
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Web page: http://www.econ.princeton.edu/
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Related research
Keywords: MONETARY POLICY ; CENTRAL BANKS;

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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
E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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  1. Kenneth N. Kuttner & Adam S. Posen, 1999. "Does talk matter after all? Inflation targeting and central bank behavior," Staff Reports 88, Federal Reserve Bank of New York. [Downloadable!]
  2. Adam S. Posen, 2006. "Why Central Banks Should Not Burst Bubbles," Peterson Institute Working Paper Series WP06-1, Peterson Institute for International Economics. [Downloadable!]
    Other versions:
  3. Stefan Gerlach & Lars E.O. Svensson, 2000. "Money and Inflation in the Euro Area: A Case for Monetary Indicators?," NBER Working Papers 8025, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  4. Svensson, Lars E. O., 1999. "Price Stability as a Target for Monetary Policy: Defining and Maintaining Price Stability," Working Paper Series 91, Sveriges Riksbank (Central Bank of Sweden). [Downloadable!]
    Other versions:
  5. Lars E.O. Svensson, 2000. "Does the P* Model Provide Any Rationale for Monetary Targeting?," NBER Working Papers 7178, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  6. Lars E.O. Svensson, 1999. "Monetary Policy Issues for the Eurosystem," NBER Working Papers 7177, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  7. Driffill, John & Rotondi, Zeno, 2004. "Monetary Policy and Lexicographic Preference Ordering," CEPR Discussion Papers 4247, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  8. Kenneth N. Kuttner & Adam S. Posen, 2001. "Beyond Bipolar: A Three-Dimensional Assessment of Monetary Frameworks," Working Papers 52, Oesterreichische Nationalbank (Austrian Central Bank). [Downloadable!]
    Other versions:
  9. John E. Floyd, 1998. "Stochastic Monetary Interdependence, Currency Regime Choice and the Operation of Monetary Policy," Working Papers floyd-98-01, University of Toronto, Department of Economics. [Downloadable!]
  10. C.A. Sims, 1999. "The Precarious Fiscal Foundations of EMU," DNB Staff Reports (discontinued) 34, Netherlands Central Bank. [Downloadable!]
  11. Svensson, Lars, 1999. "How Should Monetary Policy Be Conducted in an Era of Price Stability," Seminar Papers 680, Stockholm University, Institute for International Economic Studies. [Downloadable!]
    Other versions:
  12. Georg Rich, 2007. "Swiss Monetary Targeting 1974-1996: The Role of Internal Policy Analysis," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 143(III), pages 283-329, September. [Downloadable!]
  13. Kenneth N. Kuttner & Adam S. Posen, 2000. "Inflation, Monetary Transparency, and G3 Exchange Rate Volatility," Peterson Institute Working Paper Series WP00-6, Peterson Institute for International Economics. [Downloadable!]
  14. George Rich, 2003. "Swiss monetary targeting 1974-1996: the role of internal policy analysis," Working Paper Series 236, European Central Bank. [Downloadable!]
  15. Michele Fratianni & Andreas Hauskrecht, 1998. "From the Gold Standard to a Bipolar Monetary System," Open Economies Review, Springer, vol. 9(1), pages 609-636, January. [Downloadable!] (restricted)
  16. David Romer, 2000. "Keynesian Macroeconomics without the LM Curve," NBER Working Papers 7461, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  17. Jose Vinals & Javier Valles, 1999. "On the real effects of monetary policy: a central banker's view," Working Papers 38, Oesterreichische Nationalbank (Austrian Central Bank). [Downloadable!]
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