Deflationsrisiken und die Kommunikationspolitik der Federal Reserve
In: List Forum Band 31
This paper draws lessons from the fight of the Federal Reserve against deflationary risks in the years 2003-2004. After a short overview on the principles of U.S. monetary policy and the lessons the FED learned from the deflationary 'lost decade' in Japan since the mid-90s, the problems of the FED in preventing deflation are described. To name are here particularly the difficulties of the FED in communicating with the bond markets. The paper concludes that the anti-deflation campaign of the FED has been extraordinarily sucessful, but the communication problems could have been largely avoided if an explicit monetary policy strategy had existed. In this context the introduction of an targeting monetary policy regime is highy recommended.(Original text only available in german language)
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