Monetary Policy and Foresighted Taylor Rules: Theory and Experience by the Example of the German Federal Bank (Geldpolitik Und Vorausschauende Taylor-Regeln: Theorie Und Empirie Am Beispiel Der Deutschen Bundesbank)

Wirtschaftswissenschaftliches Studium (WiSt), Vol. 32, No. 1, pp. 15-19, 2003

18 Pages Posted: 6 Jul 2005

See all articles by Christophe Kamps

Christophe Kamps

European Central Bank (ECB)

Christian Pierdzioch

Saarland University - Department of Economics and Statistics

Abstract

This paper uses the empirical framework for estimating forward looking monetary policy rules developed in Clarida, Galí and Gertler (1998, 2000) to study monetary policy in Germany in the period 1991 to 1998. The estimation results show that the Bundesbank stabilized both inflation and the output gap in the 1990s. The money aggregate M3 influenced the behavior of the German central bank through its property as a leading indicator for future inflation.

Note: Downloadable document is in German.

Keywords: Monetary policy, Taylor rule, Deutsche Bundesbank

JEL Classification: E58

Suggested Citation

Kamps, Christophe and Pierdzioch, Christian, Monetary Policy and Foresighted Taylor Rules: Theory and Experience by the Example of the German Federal Bank (Geldpolitik Und Vorausschauende Taylor-Regeln: Theorie Und Empirie Am Beispiel Der Deutschen Bundesbank). Wirtschaftswissenschaftliches Studium (WiSt), Vol. 32, No. 1, pp. 15-19, 2003, Available at SSRN: https://ssrn.com/abstract=753005

Christophe Kamps

European Central Bank (ECB) ( email )

Sonnemannstrasse 20
D-60314 Frankfurt am Main
Germany

HOME PAGE: http://https://www.ecb.europa.eu/pub/research/authors/profiles/christophe-kamps.en.html

Christian Pierdzioch (Contact Author)

Saarland University - Department of Economics and Statistics ( email )

P.O. Box 151150
D-66041 Saarbruecken
Germany
+49 681 302 58195 (Phone)
+49 681 302 58193 (Fax)

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