[PDF] Monetary Policy In Germany eBook

Author : Claus Brand
Publisher : Springer Science & Business Media
Page : 196 pages
File Size : 48,58 MB
Release : 2012-12-06
Category : Business & Economics
ISBN : 364257601X

GET BOOK

1.1 Intermediate strategies for monetary policy The launch of a single European currency in January 1999 has been sparking a heated debate over what strategy the European Central Bank's policy should be based on so as to distribute and maintain monetary stability in Europe. In order to pass the Bundesbank's reputation as a tough inflation fighter on to the European Central Bank there have been strong efforts to make the ECB a close copy of the Bundesbank. It might be surmised that there will be a lot of similarities in its intermediate strategies. Among other indicators, the ECB's policy will be based on the growth rate of a broad monetary aggregate consistent with its definition of price stability. As a key instrument in the new central bank's instruments, REPO operations will constitute the main refinancing source of private banks and, in addition, minimum reserve requirements have been introduced to facilitate the authority's command over the banking sector's liquidity by means of stabilising the demand for central bank money. After having introduced monetary targeting in the 1970s, in the 1980s, the Bank of England and the Fed soon abandoned it again, because of distor tions from financial innovations and currency substitution. But the Bundes bank strongly defended its intermediate strategy of monetary targeting and advocated its implementation in the European System of Central Banks.

Author : Peter H. Loedel
Publisher : Lynne Rienner Publishers
Page : 280 pages
File Size : 36,74 MB
Release : 1999
Category : European Union
ISBN : 9781555878351

GET BOOK

Loedel (political science, West Chester U., Pennsylvania) examines why Germany was prepared to sacrifice the deutsche mark for European Monetary Union (EMU), providing in the process an account of the forces that exert pressure on the deutsche mark. Analyzed in depth is the institutional relationship between the Bundesbank and the federal government and Germany's bargaining strategies toward European and global monetary-governance structures. Annotation copyrighted by Book News, Inc., Portland, OR

Author : Jürgen von Hagen
Publisher : Springer Science & Business Media
Page : 331 pages
File Size : 14,81 MB
Release : 2013-04-17
Category : Business & Economics
ISBN : 1475763905

GET BOOK

Monetary union has dawned in Europe. Now that the common currency is a reality, questions concerning the practical conduct of monetary policy in the European Monetary Union (EMU) are moving to the forefront of the policy debate. Among these, one of the most critical is how the new monetary union will cope with the large heterogeneity of its member economies. Given the large differences in economic and financial structures among the EMU member states, monetary policy is likely to affect different member economies in different ways. Regional Aspects of Monetary Policy in Europe collects the proceedings of an international conference held at the Center for European Integration Studies of the University of Bonn, dedicated to this issue. The contributions to this conference fall into two parts. The first part consists of empirical and theoretical studies of the regional effects of monetary policy in heterogeneous monetary unions. The second part consists of papers analyzing the political economy of monetary policy in a monetary union of heterogeneous regions or member states. The papers all support the conclusion that regional differences in the responses to a common monetary policy will make European monetary policy especially difficult in the years to come. Such differences arise from a variety of sources, and they cannot be expected to be mere teething troubles that will disappear after a while. Even if they were ignored in the run-up to the EMU, Europe's central bankers and economic policy makers will have to learn how to cope with such differences in the future.

Author : Peter A. Johnson
Publisher : Cornell University Press
Page : 259 pages
File Size : 44,70 MB
Release : 2019-05-15
Category : Political Science
ISBN : 1501744534

GET BOOK

In recent years governments have increasingly given their central banks the freedom to pursue policies of price stability. In particular, the German Bundesbank and the U.S. Federal Reserve have been widely considered models of autonomous policymaking. This book traces the origins of their success to the political struggle to adopt monetarism in Germany and the United States. The Government of Money contends that the political involvement of monetarist economists was central to this endeavor. The book examines the initiatives undertaken by monetarists from 1970 to 1985 and the policies that resulted once their ideas were enacted. Taking a historical approach to major issues of political economy, Peter A. Johnson describes both the political efforts of the monetarist economists to convert central banks to their preferred policies and the resistance offered by traditionalist central bankers, politicians, and financial and labor interests. Johnson concludes that monetarist ideas succeeded in part because their supporters convincingly claimed that price stability would promote political stability. He thereby challenges important assumptions about politics and policymaking in both countries and reveals the often hidden influence of monetary policy on the health of capitalist democracies.

Author :
Publisher : GRIN Verlag
Page : 24 pages
File Size : 38,96 MB
Release : 2021-10-12
Category : Business & Economics
ISBN : 3346511146

GET BOOK

Seminar paper from the year 2021 in the subject Economy - Real estate industry, grade: 1,3, University of applied sciences Frankfurt a. M., course: Economic Policy, language: English, abstract: This paper analyses the European monetary policy and its effects on the real estate market. The prices for real estate in Germany are continuously rising at a steady level. High sought-after cities are not only affected by the positive price trend, but far beyond that also less sought-after regions. On the other hand, the European Central Bank has been pursuing a policy of low-interest rates for years, which has been extended by various purchase programmes, especially since the financial crisis and during the current pandemic. A connection between monetary policy and the development of real estate prices can be deduced. Many interest-bearing savings products are expiring, and the low- interest rates make a new investment less attractive. Besides, Germans do not like shares or bond as an investment, the demand for flats and houses, which are seen as supposedly safe investments, has increased. The past has shown how quickly an overheated real estate market can lead to price bubbles and severely shake financial stability.

Author : Organisation for Economic Co-operation and Development
Publisher : Paris
Page : 136 pages
File Size : 26,76 MB
Release : 1973
Category : Business & Economics
ISBN : 9789264111271

GET BOOK

This report analyses the working of monetary policy in Germany, focusing on the period 1960-1971. Part 1 reviews the general background for monetary policy in Germany as set by the main economic trends, fiscal policy and financial structure. Part 2 reviews the main instruments and operating targets of monetary policy. Part 3 is a review of policy developments in their cyclical context and assesses the impact of policy changes on capital flows, monetary and financial aggregates and interest rates. Part 4 carries this evaluation further to the impact on major components of expenditures. The concluding part 5 attempts an overall assessment of the use and effects of monetary policy.