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Mittelfristige Inflationsprognose: Das Dilemma der Zwei-Säulen-Strategie der EZB


  • Stéphane Sorbe
  • Timo Wollmershäuser


Ein Ziel der EZB ist es, die Preisstabilität in der Eurozone zu gewährleisten. Beim Streben nach Preisstabilität zielt die EZB darauf ab, Preissteigerungsraten von unter, aber nahe 2% sicherzustellen. Mit dieser quantitativen Definition will die EZB eine Verankerung der Inflationserwartungen in der Eurozone erreichen, die dazu beitragen soll, die Volatilität in der wirtschaftlichen Entwicklung zu verringern. Neben der Definition von Preisstabilität besteht die geldpolitische Strategie aus einer umfassenden Beurteilung der Risiken für die Preisstabilität, die sich aus der monetären und der wirtschaftlichen (nicht-monetären) Analyse (sog. Zwei-Säulen-Strategie) zusammensetzt. In diesem Beitrag werden die derzeitigen Risiken für die Preisstabilität in der Eurozone näher untersucht. In enger Anlehnung an die Strategie der EZB werden ein monetärer (Geldmenge M3) und ein nicht-monetärer (Nominallöhne) Indikator betrachtet und zur Inflationsprognose im Euroraum verwendet. Es zeigt sich, dass beide Indikatoren gute Prognoseeigenschaften für die mittelfristige Inflationsentwicklung aufweisen. Ihre jüngsten Entwicklungen führen allerdings zu völlig unterschiedlichen Einschätzungen der Gefahren für die Preisstabilität, was die EZB vor ein Dilemma stellt.

Suggested Citation

  • Stéphane Sorbe & Timo Wollmershäuser, 2007. "Mittelfristige Inflationsprognose: Das Dilemma der Zwei-Säulen-Strategie der EZB," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 60(11), pages 16-24, June.
  • Handle: RePEc:ces:ifosdt:v:60:y:2007:i:11:p:16-24

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    References listed on IDEAS

    1. Lawrence J. Christiano & Terry J. Fitzgerald, 2003. "The Band Pass Filter," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 44(2), pages 435-465, May.
    2. Michael Woodford, 2008. "How Important Is Money in the Conduct of Monetary Policy?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 40(8), pages 1561-1598, December.
    3. Bordes, C. & Clerc, L. & Marimoutou, V., 2007. "Is there a structural break in equilibrium velocity in the euro area?," Working papers 165, Banque de France.
    4. James H. Stock & Mark W.Watson, 2003. "Forecasting Output and Inflation: The Role of Asset Prices," Journal of Economic Literature, American Economic Association, vol. 41(3), pages 788-829, September.
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    Cited by:

    1. Projektgruppe Gemeinschaftsdiagnose, 2007. "Aufschwung legt Pause ein," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 60(20), pages 03-58, October.

    More about this item


    Inflation; Prognose; Geldpolitik; Preisniveaustabilität; Zentralbank; Geldmenge; Lohn;

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • 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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