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Lessons from the Bundesbank on the Occasion of Its 40th (and Second to Last?) Birthday

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  • Adam S. Posen

    ()
    (Peterson Institute for International Economics)

Abstract

The Deutsche Bundesbank Act of July 26, 1957 gave birth to the present German central bank. In the 40 years since, the independent Bundesbank has successfully pursued its stated goal of price stability. The future European Central Bank and several new central banks in the transition economies have been explicitly modeled upon the Bundesbank's monetary targeting framework and formal independence. Some observers have expressed fear that these new central banks will be able and inclined to single-mindedly pursue low inflation without accountability or regard for other economic objectives. The wrong lessons from the Bundesbank's experience have been taken by both sides.

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Bibliographic Info

Paper provided by Peterson Institute for International Economics in its series Working Paper Series with number WP97-4.

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Date of creation: 1997
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Handle: RePEc:iie:wpaper:wp97-4

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Cited by:
  1. Demertzis, Maria & Hughes Hallett, Andrew, 1999. "An Independent Central Bank Faced With Elected Governments," CEPR Discussion Papers 2219, C.E.P.R. Discussion Papers.
  2. Maria Demertzis & Andrew Hughes Hallett & Nicola Viegi, 1999. "Can the ECB be Truly Independent? Should It Be?," Empirica, Springer, vol. 26(3), pages 217-240, September.

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