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Der Informationsgehalt des Geldmengenziels der Deutschen Bundesbank-Ergebnisse einer Umfrage aus dem Jahr 1998-

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  • Frey, Rainer
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    Abstract

    Die Geldmenge war die Zielgröße der Deutschen Bundesbank bis Ende des Jahres 1998. Die Zentralbank versuchte mit der quantiativen Festlegung dieser Zielgröße der Öffentlichkeit mitzuteilen, welchen geldpolitischen Kurs sie verfolgte. Das vorliegende Arbeitspapier erörtert die Frage, inwieweit die Forschungsinstitute, die großen Unternehmen und die Tarifparteien in der Lage waren, das Geldmengenziel insbesondere in Hinblick auf die von der Zentralbank angestrebte Inflationsrate zu interpretieren. Diese Frage sollte anhand eines Fragebogens, der im November 1998 verschickt wurde, geklärt werden. Als Ergebnis stellte sich heraus, daß für knapp die Hälfte der Befragten das Geldmengenziel keinen hohen Informationsgehalt besaß. Eine überwältigende Mehrheit der Befragten sprach sich für eine Mischstrategie aus Geldmengen- und Inflationsziel aus. -- The German central bank, Deutsche Bundesbank, conducted monetary targeting until the end of the year 1998. By the announcement of a monetary target, the central bank wanted to inform the public of its monetary stance. If the information-transmisson process has been successful, I checked by the use of a survey. In the survey, I questioned research institutes, large enterprises, unions and employers‘ associations. One of the results is that the information content of the monetary target was not high for nearly half of the interviewees. An overwhelming majority of the interviewees preferred a mixed strategy of monetary and inflation targeting.

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    Bibliographic Info

    Paper provided by University of Rostock, Institute of Economics in its series Thuenen-Series of Applied Economic Theory with number 22.

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    Date of creation: 1999
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    Handle: RePEc:zbw:roswps:22

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    Keywords: Geldmengenziel; Inflationsziel; Informationsgehalt; monetary targeting; inflation targeting; information content;

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