Konsequenzen einer Abweichung vom Geldmengenziel für die Geldpolitik
Swiss Journal of Economics and Statistics (SJES), 1995, vol. 131, issue IV, 617-636
The Bundesbank failed to achieve her monetary targets in numerous years. Against this background the present paper discusses the implications of these deviations for the exchange rate and the price level. The model by DORNBUSCH (1976) is augmented by an equation which captures the correction of the deviations in subsequent periods. In the case of single period deviations with immediately beginning correction the volatility of the exchange rate and the price level will be the smaller, the more decisively the money stock is driven back to the equilibrium level. In contrast, in the case of multi-period deviations the volatility of the exchange rate will be the higher the faster the correction of the money stock.
References: Add references at CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:ses:arsjes:1995-iv-2
Access Statistics for this article
Swiss Journal of Economics and Statistics (SJES) is currently edited by Rafael Lalive
More articles in Swiss Journal of Economics and Statistics (SJES) from Swiss Society of Economics and Statistics (SSES) Contact information at EDIRC.
Bibliographic data for series maintained by Peter Steiner ().