Publication
Jan 2002
This paper uses the empirical framework for estimating forward looking monetary policy rules developed in Clarida, Galí and Gertler (1998, 2000) to study monetary policy in Germany in the period 1991 to 1998. The estimation results show that the Bundesbank stabilized both inflation and the output gap in the 1990s. The money aggregate M3 influenced the behavior of the German central bank through its property as a leading indicator for future inflation.
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German (PDF, 18 pages, 87 KB) |
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Author | Christophe Kamps, Christian Pierdzioch |
Series | Kiel Institute Working Papers |
Issue | 1089 |
Publisher | Kiel Institute for the World Economy |
Copyright | © 2002 Kiel Institute for the World Economy |