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Wie brauchbar sind Multiplikatorprognosen für die Geldmengensteuerung der Bundesbank?
Credit and Capital Markets – Kredit und Kapital, Vol. 31 (1998), Iss. 2 : pp. 171–189
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Dieter Nautz, Berlin
References
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Abstract
How Useful are Money Multiplier Forecasts for the Monetary Targeting of the Bundesbank?
The controllability of monetary aggregates is often analyzed using money multiplier forecast equations. The present paper investigates the usefulness of this approach. Cointegration analysis and Granger causality tests reveal that German monetary aggregates are not controlled via changes in the monetary base. Therefore, it is pointless to analyze the Bundesbank’s monetary targeting applying money multiplier forecasts.