Inflationsgefahr durch Überschreiten von Geldmengenzielen?
JOURNAL ARTICLE
Cite JOURNAL ARTICLE
Style
Format
Inflationsgefahr durch Überschreiten von Geldmengenzielen?
Credit and Capital Markets – Kredit und Kapital, Vol. 21 (1988), Iss. 4 : pp. 513–531
Additional Information
Article Details
Author Details
Dr. Lukas Menkhoff, Alt Bornheim 22, 6000 Frankfurt
References
-
Bosworth, P. B. (1980): Nonmonetary Aspects of Inflation, in: Journal of Money, Credit and Banking, Vol. 12, S. 527 - 539.
Google Scholar -
Brunner, K. (1984): Hat der Monetarismus versagt?, in: Kredit und Kapital, 17. Jg., S. 18 - 63.
Google Scholar -
Deutsche Bundesbank: Monatsberichte der Deutschen Bundesbank, verschiedene Ausgaben.
Google Scholar -
Deutsche Bundesbank (1985): Geldpolitische Aufgaben und Instrumente, Sonderdrucke der Deutschen Bundesbank Nr. 7, 3. Aufl.
Google Scholar -
Deutsche Bundesbank (1987): Geschäftsbericht der Deutschen Bundesbank für das Jahr 1986.
Google Scholar -
Ehrlicher, W. (1977): Zur Monetarismus-Diskussion in „Kredit und Kapital", in: Kredit und Kapital, 10. Jg., S. 429 - 460.
Google Scholar -
Ehrlicher, W. (1985): Ein neuer Methodenstreit?, in: Jahrbuch für Sozialwissenschaft, Bd. 36, S. 109 - 127.
Google Scholar -
Friedman, M. (1968): The Role of Monetary Policy, in: American Economic Review, Vol. 58, S. 1 - 17.
Google Scholar -
Friedman, M. (1970): The Counter-Revolution in Monetary Theory, Institute of Economic Affairs: Occasional Paper No. 33, London.
Google Scholar -
Geisler, K. - D. (1986): Zur „Kausalität" von Geldmenge und Sozialprodukt, in: Kredit und Kapital, 19. Jg.,S.325-339.
Google Scholar -
Lachmann, W. (1977): Eine keynesianische Erklärung für Friedmans „monetaristische" Beobachtungen, in: Kredit und Kapital, 10. Jg., S. 516 - 525.
Google Scholar -
Mayer, T. (1985): The Status of the Monetarist Debate in the United States: an Evaluation, in: D. Cansier / D. Kath (Hrsg.): Öffentliche Finanzen, Kredit und Kapital: Festschrift für Werner Ehrlicher zur Vollendung des 65. Lebensjahres, Berlin, S. 357 - 375.
Google Scholar
Abstract
Inflationary Risks as a Result of Overshooting Money Supply Targets?
Overshooting the Bundesbank’s money supply targets for 1986 and 1987 has increased concern about resurging inflation on account of monetary reasons. The monetarist theory claiming the existence of clear causal effects between money supply and the level of prices supplies the context of justification. The aim of this paper is to show that this perception, although offering a consistent picture, is in no way superior to amore Keynesian approach. A procedure oriented to the norm of “accepting existing conditions” promises a rather more relevant analysis than any holding fast to the monetarist norm of “perfect markets”. Such an open and more differenciated approach to explaining the causes of inflation — one which assumes a role of relative importance for monetary causes while not denying their existence — thus leads, of necessity, to a more complex decision-making pattern for monetary policy. In this context it is important for the current discussion that the causes of money supply expansion do not indicate inflationary dangers in the present economic environment. Precisely for this reason, monetary policy-makers should not be subjected again to the requirement of strict compliance with money supply targets, but they should review them in principle.