6. Controlling inflation: monetary targeting vs regulation of wage relationship? The Bundesbank and the “Great Inflation”
Type de matériel :
TexteLangue : français Détails de publication : 2022.
Sujet(s) : Ressources en ligne : Abrégé : In 1974, the Bundesbank was the first central bank to announce a monetary target. The analysis of the monthly reports between 1974 (announcement of a monetary target) and 1979 (adoption of the EMS) shows that that this choice is not explained so much by the application of monetarist theories as by the will of central bankers to regain control over bank liquidity and to neutralize the monetary resolution of distribution conflicts. The success of this strategy supposes that the social partners integrate the monetary target in their negotiations. We can thus underline the role of institutional channels in the transmission of monetary policy.JEL Codes: B22 ; B52 ; E52 ; E58
Nous n'avons pas d'exemplaire de ce document
46
In 1974, the Bundesbank was the first central bank to announce a monetary target. The analysis of the monthly reports between 1974 (announcement of a monetary target) and 1979 (adoption of the EMS) shows that that this choice is not explained so much by the application of monetarist theories as by the will of central bankers to regain control over bank liquidity and to neutralize the monetary resolution of distribution conflicts. The success of this strategy supposes that the social partners integrate the monetary target in their negotiations. We can thus underline the role of institutional channels in the transmission of monetary policy.JEL Codes: B22 ; B52 ; E52 ; E58
Réseaux sociaux