The History of the Bundesbank: Lessons for the European Central Bank

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Jakob de Haan
Psychology Press, 2000 - Business & Economics - 161 pages
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After fifty years the Deutsche Bundesbank - the central bank that dominated European monetary affairs - has stepped down to entrust monetary policy to the European Central Bank (ECB). This is the first research work to thoroughly explore the lessons to be learned from the Bundesbank by the ECB, in areas such as price stability and political interference.
  

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Contents

Introductory remarks on 50 years of the Bundesbank Lessons for the ECB
1
How independent is the Bundesbank really? A survey
6
22 The institutional setting
7
23 The models
9
24 Some preliminary considerations
14
25 Direct political influence on the Bundesbank
19
26 Indirect influence on the Bundesbank
27
27 Conclusions and suggestions for future research
33
Longterm movement of consumer prices
93
Notes
94
Credibly conservative monetary policy and labourgoods market organisation A review with implications for ECBled monetary policy in Europe
97
review of the standard argument
98
review of the standard argument
100
54 Review of the emerging theoretical syntheses and extensions
103
55 The accumulating empirical support
114
56 Conclusions
117

Notes
39
References
40
The Bundesbanks reaction to policy conflicts
43
32 The public choice approach to central banking
44
33 Defining the conflicts
46
34 The Bundesbanks policy reaction function with conflicts
47
the too conservative Bundesbank
54
36 External constraints
55
37 The Bundesbanks policy reaction in a simple dynamic context
56
38 Conclusions
60
Appendix
62
Notes
63
References
64
From low inflation to price stability in Germany Measurement costs and benefits
67
42 Measurement of inflation
68
43 Costs of disinflation
72
44 Benefits of price stability
76
45 Conclusions
92
Notes
119
References
121
Monetary policy of the ECB Strategy and instruments
125
63 Intermediate targets
131
64 Monetary indicators
134
65 Monetary instruments
136
66 Modus operandi of the ECB
140
67 Conclusions
141
References
142
The European Central Bank as a new institution and the problem of accountability
143
73 The ECB
144
74 Challenges for the ECB
147
75 Accountability of central banks
149
76 Concluding comments
152
References
155
Index
157
Copyright

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About the author (2000)

Jakob de Haan is Professor of Political Economy at the University of Groningen. He is also Scientific Director of SOM, the graduate school and research institute of the Faculty of Economics and Business of the University of Groningen.

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