Lessons from the Bundesbank on the Occasion of Its 40th (and Second to Last?) Birthday
The Deutsche Bundesbank Act of July 26, 1957 gave birth to the present German central bank. In the 40 years since, the independent Bundesbank has successfully pursued its stated goal of price stability. The future European Central Bank and several new central banks in the transition economies have been explicitly modeled upon the Bundesbank's monetary targeting framework and formal independence. Some observers have expressed fear that these new central banks will be able and inclined to single-mindedly pursue low inflation without accountability or regard for other economic objectives. The wrong lessons from the Bundesbank's experience have been taken by both sides.
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