Menu Expand

Preisstabilisierende Geldpolitik

Cite JOURNAL ARTICLE

Style

Horn, G. Preisstabilisierende Geldpolitik. Credit and Capital Markets – Kredit und Kapital, 19(1), 58-75. https://doi.org/10.3790/ccm.19.1.58
Horn, Gustav-Adolf "Preisstabilisierende Geldpolitik" Credit and Capital Markets – Kredit und Kapital 19.1, 1986, 58-75. https://doi.org/10.3790/ccm.19.1.58
Horn, Gustav-Adolf (1986): Preisstabilisierende Geldpolitik, in: Credit and Capital Markets – Kredit und Kapital, vol. 19, iss. 1, 58-75, [online] https://doi.org/10.3790/ccm.19.1.58

Format

Preisstabilisierende Geldpolitik

Horn, Gustav-Adolf

Credit and Capital Markets – Kredit und Kapital, Vol. 19 (1986), Iss. 1 : pp. 58–75

Additional Information

Article Details

Author Details

Gustav-Adolf Horn, Konstanz

References

  1. Alogoskoufis / Pissarides (1983): “A Test of Price Sluggishness in a Simple Rational Expectation Model”, Economic Journal 93 1983.  Google Scholar
  2. Barro, R. (1976): “Rational Expectations and the Role of Monetary Policy”, Journal of Monetary Policy 2 1976.  Google Scholar
  3. Barro / Grossman (1971): “A General Disequilibrium Model of Income and Employment”, American Econ. Review 61: 1971.  Google Scholar
  4. Barro / Grossman (1976): “Money, Employment, and Inflation”, Cambridge (Mass.) 1976.  Google Scholar
  5. Dreze, J. (1975): “Existence of an Equilibrium under Price Rigidity and Quantity Rationing.”, International Economic Review vol 16.  Google Scholar
  6. Gerfin, H. (1984): „Bundesbankpolitik: Monetäre Entwicklung und Erwartungsbildung. Einige empirische Befunde“ in: Milde, H. / Monissen, L.: „Rationale Wirtschaftspolitik in komplexen Gesellschaften. Festschrift für G. Gäfgen“, Konstanz 1984.  Google Scholar
  7. Gordon, R. E. (1981): “Output Fluctuations and Gradual Price Adjustment”, Journal of Economic Literature XIX 1981.  Google Scholar
  8. Gordon, R. E. (1982): “Price Inertia and Policy Ineffectiveness in the United States 1890 – 1980”, Journal of Political Economy 90 1982.  Google Scholar
  9. Lucas, R. (1973): “Some International Evidence on the Output Inflation Trade Off”, Amer. Econ. Review 63 1973.  Google Scholar
  10. Malinvaud, E. (1976): “Unemployment Reconcidered”, Cambridge 1976. – Malinvaud, E. (1980): “Profitability and Unemployment”, Cambridge 1980.  Google Scholar
  11. McCallum, B. (1980): “Rational Expectations and Macroeconomic Stabilization Policy.”, Journal of Money, Credit and Banking 12 1980.  Google Scholar
  12. Phelps, E. (1970): “Introduction: The New Microeconomics in Employment and Inflation Theory,” in Phelps (Ärsg.): “Microeconomic Foundation of Macroeconomic Theory”, New York 1970.  Google Scholar
  13. Sargent, T. (1979): “Macroeconomic Theory”, New York 1979.  Google Scholar
  14. Ramb, B.-E. (1984): „Ineffektivität der Wirtschaftspolitik bei ‚rationalen‘ Erwartungen?“, Kredit und Kapital 1984.  Google Scholar
  15. Tobin, J. (1980): “Stabilization Policy Ten Years After”, Brookings Papers on Economic Activity 1: 1980.  Google Scholar

Abstract

Price-stabilizing Monetary Policy

The present article dealls with the question of whether a regulatory policy of the central bank aimed at price stabilization can be successful when economic entities have rational expectations. A further line of inquiry is how far the results change when price movements are sluggish, i.e., not oriented exclusively to clearing the market. One result that can be affirmed is that the price-stabilizing monetary policy is successful regardless of the inertia of prices. Monetary policy has real effects, however, only when the price-system tends to clear the market. The assumption of constantly cleared markets thus proves essential for the neutrality of policy rules. Furthermore, the real effectiveness of monetary policy in this field is not based, in contrast to some monetaristic notions, on the deception of economic entities on account of the rational expectations. Hence, solely the disequilibrium-generating sluggishness of price movements is the basis for non-neutrality of central bank policy