Inflation and Monetary Targeting in Germany
We review Germany's experience with inflation targeting since the mid-1970s. Inflation targeting is the basis for monetary targeting, but the inflation target has priority over the monetary target. We develop a model of the equilibrium price level in Germany and show that, on several occasions, the Bundesbank behaved as if it pursued a price level rather that an inflation target. This may be due to the slow adjustment of the actual to the equilibrium price level.
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|Date of creation:||1995|
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