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The Control of Monetary Aggregates in the Federal Republic of Germany under Changing Conditions

In: Monetary Policy and Financial Innovations in Five Industrial Countries

Author

Listed:
  • Norbert Kloten

Abstract

The quality of a monetary policy can be gauged by the extent to which it succeeds in fulfilling the functions allocated to it. The Bundesbank Act assigns the Deutsche Bundesbank the task of ‘safeguarding the currency’. There has been little dispute in West Germany to date that this means primarily that monetary-policy action must be geared to the goal of domestic price level stability. If the price trend in West Germany is considered on a long-term basis, it becomes clear that the Bundesbank has generally come fairly close to this goal, even though it was unable to completely prevent price development in West Germany from following the international inflation trend during phases of world-wide inflation.

Suggested Citation

  • Norbert Kloten, 1992. "The Control of Monetary Aggregates in the Federal Republic of Germany under Changing Conditions," Palgrave Macmillan Books, in: Stephen F. Frowen & Dietmar Kath (ed.), Monetary Policy and Financial Innovations in Five Industrial Countries, chapter 3, pages 32-58, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-21684-0_3
    DOI: 10.1007/978-1-349-21684-0_3
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    Cited by:

    1. Álvaro Almeida, 2003. "40 Years of Monetary Targets and Financial Crises in 20 OECD Countries," FEP Working Papers 128, Universidade do Porto, Faculdade de Economia do Porto.

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