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Monetary Policy
This book provides an in-depth description and analysis of monetary policy in Europe and the United States. Unusually for a volume in the field, it focuses on actual monetary policy---targets, institutions, strategies, and instruments---but traditional and contemporary theoretical approaches to monetary policy form the basis for each chapter. Concentrating specifically on the European Central Bank, Monetary Policy offers one of the first comprehensive guides to understanding the targets, strategy, and instruments of the ECB.In the past, many books have presented mere descriptions of the institutional framework without providing a theoretical framework, while others have dealt mainly with theoretical aspects, thus neglecting the policy implications of their analysis. By combining a theoretical with a policy-oriented approach, Peter Bofinger succeeds in closing this gap in the monetary policy literature. As a result, his book will appeal to a broad readership, including investment bankers and other professional investors, central bankers, and scholars working in the field.
Transmissionsmechanismen der Geldpolitik
Die Autoren der Beiträge des Bandes befassen sich mit dem Transmissionsmechanismus in der Geldpolitik. Im Zentrum steht somit die Frage, wie sich geldpolitische Maßnahmen der Notenbanken auf gesamtwirtschaftliche Größen übertragen. G. Winckler und S. Kaufmann untersuchen in ihrem Beitrag den Transmissionsprozeß in kleinen, offenen Volkswirtschaften am Beispiel Österreichs und der Schweiz. Gemäß den geschätzten Resultaten reagierten die Industrieproduktion und das Preisniveau in Österreich erwartungsgemäß verzögert auf Veränderungen der deutschen geldpolitischen Variablen, während sie in der Schweiz von der an der inländischen Geldmenge orientierten Geldpolitik der Schweizeri...
The Quality of Eligible Collateral, Central Bank Losses and Monetary Stability
This book investigates to what extent the quality of eligible collateral is able to explain inflation. Addressing this question, hypotheses derived from the Theory of Property Economics by Heinsohn & Steiger are tested. Data are collected using a questionnaire, answered by central banks. An index of the quality of eligible collateral is constructed. Regression analyses are performed based on a sample of 62 countries for the period 1990 to 2003. A negative, robust and statistically significant correlation between inflation and the quality of eligible collateral is found. Central bank independence cannot contribute to the explanation of inflation. The result supports the theory of Heinsohn & Steiger: Securitisation of central bank lending is crucial for price stability.
Kazakstan 1993 – 2000
By introducing a new national currency in November 1993, the Republic of Kazakstan took a decisive step towards establishing its political and economic independence. In the following years, Kazakstan made great efforts to lay the institutional foundation for econonmic policy in line with a free market system. The cooperation between Kazak experts and independent international advisors such as the group of German econonmists under the leadership of Lutz Hoffmann played an important role for the Kazak government in choosing the most effective concepts and instruments for economic policy. Thus, the main topic of this book is the discussion of the macroeconomic problems during the first years of transition and the role of international financial institutions, in particular the International Monetary Fund. The topics are dealt with in a new form of presentation, collecting the papers of the advisory group in chronological order.
Political Pressure, Rhetoric and Monetary Policy
Philipp Maier offers an examination of the extent to which governments and various interest groups have exerted pressure on central banks. The book looks in particular at the Deutsche Bundesbank - which acted as the blueprint for the European Central Bank (ECB) - and utilizes an original set of indicators to measure external pressure and support from the government and other institutions.
Contributions to Modern Econometrics
The field of econometrics has gone through remarkable changes during the last thirty-five years. Widening its earlier focus on testing macroeconomic theories, it has become a rather comprehensive discipline concemed with the development of statistical methods and their application to the whole spectrum of economic data. This development becomes apparent when looking at the biography of an econometrician whose illustrious research and teaching career started about thirty-five years ago and who will retire very soon after his 65th birthday. This is Gerd Hansen, professor of econometrics at the Christian Albrechts University at Kiel and to whom this volume with contributions from colleagues and students has been dedicated. He has shaped the econometric landscape in and beyond Germany throughout these thirty-five years. At the end of the 1960s he developed one of the first econometric models for the German econ omy which adhered c10sely to the traditions put forth by the Cowles commission.
Inflation Targeting in the United Kingdom
Inhaltsangabe:Introduction: (A)n internal standard, so regulated as to maintain stability in an index number of prices, is a difficult scientific innovation, never yet put into practice . Especially since the operational introduction as central bank monetary policy framework in the early 1990s in New Zealand, the United Kingdom (UK), Canada and Sweden, inflation targeting has gained both empirical and theoretical relevance as a monetary policy strategy. In this paper I relate to inflation targeting theory and its framework in the UK. For that purpose I first regard the development of inflation targeting in respect to other monetary policy strategies in sections (2.2) and (2.3). I will answer...
Elektronisches Geld und Geldpolitik
Es ist schon faszinierend zu beobachten, wie sich die Wirtschaftsgesellschaft der Gegen wart um das Idol der Innovation schart. Sie gilt als ein Allheilmittel für die Probleme der Marktwirtschaft, die sich seit etwa zwei bis drei Jahrzehnten im Wirtschaftssystem eingenistet haben. Propagiert wird: Mit Kreativität und Innovationsfreude als entscheidende Motoren bekommt man alle Probleme in den Griff. Der Markt wird' s schon richten. Er ist findig und fündig genug, für Fortschritt und Wohlstand zu sorgen - sofern nur der Staat ihm die hierzu nötigen Spielräume garantiert. Falls sich hoheitliche Autoritäten tatsächlich befugt glauben, in Marktprozesse einzugreifen, dann allenfalls zur aktiven Unterstützung der Innovationskräfte, aber keinesfalls als deren Bremser - so die landläufige Meinung. Das .Electronic Money" in Form des Karten- und Netzgeldes zählt zu den jüngsten Vor zeige-Innovationen der Kreditwirtschaft. Das Gebiet des Zahlungsverkehrs bietet eine beson ders saftige Wiese für das Gedeihen kreativer Vorstellungskräfte. Diese können schon sehr bald vom Denkmodell zur innovativen Wirklichkeit werden.
Orientierungshilfen für die Wirtschaftspolitik
Herausgefordert ist die Wirtschaftspolitik von der hohen Arbeitslosigkeit. Es geht darum, den Trend steigender Arbeitslosigkeit, der zu zweistelligen Arbeitslosenquoten geführt hat, umzukehren. Die Nachfrage nach Arbeitskräften muss das Angebot übersteigen. Das ist gegeben, wenn die Zuwachsrate des realen Bruttoinlandsprodukts die Wachstumsrate des Produktionspotenzials (z. Z. 1,5%) übersteigt. Eine wesentliche Rolle spielen die Ausgaben der öffentlichen Hand. Da sie einen hohen Anteil am BIP ausmachen (rd. 50%) wird das BIP beeinflusst, wenn sie verändert werden. Werden die öffentlichen Bruttoinvestitionen gekürzt, wie in Deutschland geschehen, dann wird das Wirtschaftswachstum gebr...
