Die währungspolitische Maxime der Deutschen Bundesbank aus ideengeschichtlicher Sicht

Rieter Heinz

Jahrbuch für Wirtschaftsgeschichte / Economic History Yearbook, 2009, vol. 50, issue 1, 151-176

Abstract: The paper is concerned with the law establishing the Deutsche Bundesbank of 1957, concentrating on the official tasks set to the Bundesbank of securing the currency. It is argued that this maxim is not to be identified with the goal set to the European Central Bank since 1999, i.e. to guarantee the stability of the level of prices, measured in terms of an index. The two concepts differ in terms of the history of ideas. The goal of stabilising prices derives from a quantitative understanding of economics, whereas that of securing the currency had qualitative connotations. The latter sprang from the historical experience of the decay of German currencies both after the first and after the second world war. The currency system was to be steered by hand so as to stabilise it in such a way that dramatic changes of the objective purchasing power of money were to be prevented, at the subjective feeling that money was stable could be preserved and that economic morality and the stability of the currency reinforced each other.

Keywords: Central Bank Policies; Currency Stabilisation (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:bpj:jbwige:v:50:y:2009:i:1:p:151-176:n:15

DOI: 10.1524/jbwg.2009.50.1.151

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