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Effizienz und Transparenz der geldpolitischen Strategie des ESZB

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  • Peter Brandner

    (WIFO)

  • Helene Schuberth

Abstract

Die ESZB-Statuten verpflichten das ESZB zur Sicherung der Preisstabilität, schließen jedoch eine konjunkturstabilisierende Funktion der Geldpolitik nicht aus. Der EZB-Rat entschied sich im Oktober 1998 für eine flexible geldpolitische Strategie und legte sich somit weder auf eine Inflationsziel- noch auf eine Geldmengenzielstrategie fest. Die Strategie des ESZB kann effizient sein, d. h. die Ziele der Geldpolitik optimal erfüllen, wenn das ESZB in der Praxis Elemente einer Inflationszielstrategie stärker in den Vordergrund rückt. Wichtige Voraussetzung der Rechenschaftspflicht ("accountability") und des raschen Aufbaus von Reputation und Glaubwürdigkeit ist Transparenz; sie erfordert eine geldpolitische Strategie, die es erlaubt, die Einhaltung der Ziele der Geldpolitik zu überwachen. Durch die Publikation einer Inflationsprognose kann die Transparenz erhöht werden. Eine Inflationszielstrategie hat den Vorteil, sowohl effizient als auch transparent zu sein.

Suggested Citation

  • Peter Brandner & Helene Schuberth, 1999. "Effizienz und Transparenz der geldpolitischen Strategie des ESZB," WIFO Monatsberichte (monthly reports), WIFO, vol. 72(1), pages 61-73, January.
    • Handle: RePEc:wfo:monber:y:1999:i:1:p:61-73
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    References listed on IDEAS

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    1. Ivo J.M. Arnold & Casper G. de Vries, 1998. "The EURO, Prudent Coherence?," Tinbergen Institute Discussion Papers 98-070/2, Tinbergen Institute.
    2. Bernanke, Ben S. & Mihov, Ilian, 1997. "What does the Bundesbank target?," European Economic Review, Elsevier, vol. 41(6), pages 1025-1053, June.
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    Cited by:

    1. Heinz Handler, 2003. "From Hard Currency Policy to Monetary Union," WIFO Working Papers 210, WIFO.

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