Claus Brand's Money Stock Control and Inflation Targeting in Germany: A PDF

By Claus Brand

ISBN-10: 364257601X

ISBN-13: 9783642576010

ISBN-10: 3790813931

ISBN-13: 9783790813937

The booklet considers matters appropriate to the eu principal financial institution in refining and speaking its method. It bargains a historic evaluation of the Bundesbank's technique of financial concentrating on carried out from 1974 to 1998. not like numerous different trendy stories it truly is argued that money performed a versatile yet extremely important function within the behavior of its coverage. It additionally explores the results of the pointed out financial coverage regime within the context of assorted theories of the money provide process.
The empirical research carried out during this research relies on a linear country area modelling procedure which deals an attractive and direct illustration of universal stochastic developments. The framework is much less restrictive and it's encompassing in that it doesn't construe the chronic dynamics as being pushed through natural random stroll components.

Show description

Read or Download Money Stock Control and Inflation Targeting in Germany: A State Space Modelling Approach to the Bundesbank’s Operating Procedures and Intermediate Strategy PDF

Best money & monetary policy books

Eckhard Hein, Achim Truger's Money, Distribution and Economic Policy: Alternatives to PDF

Cash, Distribution and fiscal coverage takes factor with the irrelevant remedy of cash, powerful call for and distribution matters in smooth mainstream macroeconomics. It provides contributions that are severe of recent orthodoxy and which discover substitute ways to macroeconomics and fiscal coverage research.

Download PDF by Marc Flandreau: The Glitter of Gold: France, Bimetallism, and the Emergence

Counting on new statistical and archival fabric, this booklet tells the tale of the operation of the foreign financial method of the mid-nineteenth century. It seeks to provide an explanation for how the program was once in a position to climate the impression of the California and Australia gold discoveries.

Additional info for Money Stock Control and Inflation Targeting in Germany: A State Space Modelling Approach to the Bundesbank’s Operating Procedures and Intermediate Strategy

Example text

Both 24 2, Measuring monetary policy v ~ I' m m

Consequently, Lombard loans are seen as the sole source of borrowed reserves in Germany. Hence, their measurement of the reserve component may not properly reflect the salient features in the evolution of money market instruments in Germany. Firstly, it does not directly account for the extensive supply of REPOs since 1985. Secondly, the construction of both total reserves and nonborrowed reserves does not account for the Bundesbank's practice most frequently used in the 1970s to change discount contingencies especially as a means to neutralise foreign exchange market interventions.

51)). As an open-ended line of credit Lombard loans served to provide reserves on an elastic basis thereby stabilising money market rates. Hence, it might be concluded, that the Bundesbank had an operating procedure intact having similar implications for its policy of monetary targeting as in the case of the aforementioned "interest rate rule period". With reference to the "borrowed reserves procedure" adopted by the Federal Reserve Board in 1982, the period from 1974 to 1984 in Germany might be labelled "discount window borrowing procedure".

Download PDF sample

Money Stock Control and Inflation Targeting in Germany: A State Space Modelling Approach to the Bundesbank’s Operating Procedures and Intermediate Strategy by Claus Brand


by Donald
4.1

Rated 4.05 of 5 – based on 10 votes