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

By Jakob De Haan | Go to book overview

Tables
2.1 Calculation of a monetary target (example, 1995) 15
2.2 Monetary targets and their implementation 16
2.3 Direct political influence on monetary policy: a survey 28-32
2.4 Accommodation of government budget deficits by the Bundesbank 34-35
3.1 Basic reaction function with conflicts 51
3.2 Extended reaction function with conflicts 53
3.3 The impact of conflicts on the Bundesbank’s policy variables 54
3.4 Extended reaction function with asymmetric conflicts 55
3.5 Impact of Bretton Woods 57
3.6 Data 62
4.1 Estimated bias in the CPI 72
4.2 Monetary growth and inflation in Germany 74
4.3 Estimates of the sacrifice ratio for Germany 75
4.4 Benefits of price stability 82
4.5 Real return (r) and price of retirement consumption (p)83
4.6 Welfare gains of the elimination of inflation 85
4.7 Benefits of price stability 88
4.8 Benefits and costs of alternative disinflation policies 91
4.9 Movement of consumer prices in western Germany in periods of relative price stability 91
4.10 Consumer prices in selected countries and in the European Monetary Union 93
4.11 Long-term movement of consumer prices in the European Monetary Union 93
6.1 Central bank independence of the Bundesbank and ECB 127
6.2 Central bank accountability of the Bank of England, Banque de France, Bundesbank, ECB and Federal Reserve System 129
6.3 The transmission mechanism of ECB’s monetary policy 133
6.4 Paid and unpaid cash reserve requirements in the EU 139

-ix-

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

Table of contents

  • Title Page iii
  • Contents v
  • Figures viii
  • Tables ix
  • Preface xi
  • Introduction xii
  • 1 - Introductory Remarks on 50 Years of the Bundesbank 1
  • 2 - How Independent Is the Bundesbank Really? 6
  • Notes 39
  • 3 - The Bundesbank’s Reaction to Policy Conflicts 43
  • Notes 63
  • 4 - From Low Inflation to Price Stability in Germany 67
  • Notes 94
  • 5 - Credibly Conservative Monetary Policy and Labour-Goods Market Organisation 97
  • 6 - Monetary Policy of the Ecb 125
  • References 142
  • 7 - The European Central Bank as a New Institution and the Problem of Accountability 143
  • References 155
  • Index 157
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