المستودع الأكاديمي جامعة المدينة

How the Bundesbank really conducted monetary policy: An analysis based on real-time data

أعرض تسجيلة المادة بشكل مبسط

dc.creator Gerberding, Christina
dc.creator Worms, Andreas
dc.creator Seitz, Franz
dc.date 2004
dc.date.accessioned 2013-10-16T07:05:15Z
dc.date.available 2013-10-16T07:05:15Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/19492
dc.identifier ppn:396201458
dc.identifier RePEc:zbw:bubdp1:2291
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/19492
dc.description Papers estimating the reaction function of the Bundesbank generally find that its monetary policy from the 1970s to 1998 can well be captured by a standard Taylor rule according to which the central bank responds to the output gap and to deviations of inflation from target, but not to monetary growth. This result is at odds with the Bundesbank´s claim that it followed a strategy of monetary targeting. This paper analyses whether this apparent contradiction is due to (a) the use of ex post data which do not necessarily match policy makers? real-time information sets and (b) the omission of important explanatory variables. Accordingly, we compile a real-time data set for Germany including the Bundesbank?s own estimates of potential output and use it to reestimate the Bundesbank?s reaction function. We find that the use of real-time data considerably changes the results. Moreover, when adding the change in the output gap as well as deviations of money growth from target to the set of explanatory variables, we find that both variables are highly significant. This suggests that the Bundesbank took its monetary targets seriously, but also responded to deviations of expected inflation and output growth from target.
dc.language eng
dc.relation Discussion paper Series 1 / Volkswirtschaftliches Forschungszentrum der Deutschen Bundesbank 2004,25
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject E52
dc.subject E43
dc.subject E58
dc.subject ddc:330
dc.subject Monetary policy
dc.subject Taylor rule
dc.subject real-time data
dc.subject Bundesbank
dc.subject Geldpolitik
dc.subject Reaktionsfunktion
dc.subject Taylor-Regel
dc.subject Schätzung
dc.subject Deutschland
dc.title How the Bundesbank really conducted monetary policy: An analysis based on real-time data
dc.type doc-type:workingPaper
dc.coverage 1970-1998


الملفات في هذه المادة

الملفات الحجم الصيغة عرض

لا توجد أي ملفات مرتبطة بهذه المادة.

هذه المادة تبدو في المجموعات التالية:

أعرض تسجيلة المادة بشكل مبسط