Menu Expand

Cite JOURNAL ARTICLE

Style

Nitsch, H. Diskretionäre Spielräume des Inflation-Targeting. Credit and Capital Markets – Kredit und Kapital, 36(1), 30-51. https://doi.org/10.3790/ccm.36.1.30
Nitsch, Harald "Diskretionäre Spielräume des Inflation-Targeting" Credit and Capital Markets – Kredit und Kapital 36.1, 2003, 30-51. https://doi.org/10.3790/ccm.36.1.30
Nitsch, Harald (2003): Diskretionäre Spielräume des Inflation-Targeting, in: Credit and Capital Markets – Kredit und Kapital, vol. 36, iss. 1, 30-51, [online] https://doi.org/10.3790/ccm.36.1.30

Format

Diskretionäre Spielräume des Inflation-Targeting

Nitsch, Harald

Credit and Capital Markets – Kredit und Kapital, Vol. 36 (2003), Iss. 1 : pp. 30–51

Additional Information

Article Details

Author Details

Harald Nitsch, Freiburg i. Br.

References

  1. Bank of England (2000): Economic Models at the Bank of England, September 2000 Update, London.  Google Scholar
  2. Barro, R., und Gordon, D. (1983): A Positive Theory of Monetary Policy in a Natural Rate Model, in: Journal of Political Economy, S. 589-610.  Google Scholar
  3. Bernanke, B. S., Laubach, T., Mishkin, F. S. und Posen, A. S. (1999): Inflation Targeting, Lessons from the International Experience, Princeton.  Google Scholar
  4. Bruggeman, A. (2000): The Stability of EMU-Wide Money Demand Functions and the Monetary Policy Strategy of the European Central Bank, in: The Manchester School, March, S. 184-202.  Google Scholar
  5. Coenen, G. und Vega, J.-L. (1999): The Demand for M3 in the Euro Area, ECB Working Paper Nr. 6.  Google Scholar

Abstract

Discretionary Scope of Inflation-targeting

The choice of an inflation model as part of an inflation targeting strategy makes it necessary to weigh the quality of forecasts against the ability of external observers to understand them, as demonstrated by the example of four selected central banks. Mixed strategies may offer an interesting option for combining a simple long-run reference framework with information about short-run monetary policy behaviour. However, to minimise the problems concerning the discretionary choice between the short-run and the long-run model, it would be desirable to apply an integrated modelling of both time horizons.