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Geldpolitik aus Sicht der Bundesbank: auf dem Weg zu einem neuen Paradigma?

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  • Adalbert Winkler

Abstract

The ECB decision to cut its benchmark interest rate in November 2013 has been severely criticised in Germany. Against this background, the President of the Bundesbank justified the ECB’s monetary policy stance in recent speeches. At the same time, however, he argued that this stance carries risks and has adverse effects. By noting this, he leaves it open to interpretation whether a more restrictive stance would be appropriate even if inflation is well within the target range. If this interpretation were to be correct, it would indicate a deviation from elements of the pre-crisis consensus, namely that policy makers should aim at a clear target and should justify their measures in a consistent way. Copyright ZBW and Springer-Verlag Berlin Heidelberg 2013

Suggested Citation

  • Adalbert Winkler, 2013. "Geldpolitik aus Sicht der Bundesbank: auf dem Weg zu einem neuen Paradigma?," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 93(12), pages 818-823, December.
  • Handle: RePEc:spr:wirtsc:v:93:y:2013:i:12:p:818-823
    DOI: 10.1007/s10273-013-1606-1
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    File URL: http://hdl.handle.net/10.1007/s10273-013-1606-1
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    Cited by:

    1. Alfons J. Weichenrieder & Adalbert Winkler & Anja Rossen & Olaf Schlotmann, 2014. "Deflation in Südeuropa: Fluch oder Segen? Wie sollte die EZB reagieren?," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 67(10), pages 03-15, May.

    More about this item

    Keywords

    E52; E58; E61;

    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
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination

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