NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Publications by Andreas Beyer

Contact and additional information for this authorAll NBER papers and publicationsNBER Working Papers onlyInformation about this author at RePEc

Working Papers and Chapters

June 2013Opting Out of the Great Inflation: German Monetary Policy after the Breakdown of Bretton Woods
with Vitor Gaspar, Christina Gerberding, Otmar Issing
in The Great Inflation: The Rebirth of Modern Central Banking, Michael D. Bordo and Athanasios Orphanides, editors
This chapter explains the monetary targeting framework followed by the German Bundesbank from 1974 to 1998, and relates the Bundesbank’s success in maintaining price stability and in anchoring inflation expectations to its strategy. The goal is to provide a historical account of the conduct of monetary policy, focusing especially on the first ten years of monetary targeting, from 1975 until the middle of the 1980s, when price stability was virtually reached in Germany.
December 2008Opting Out of the Great Inflation: German Monetary Policy After the Break Down of Bretton Woods
with Vitor Gaspar, Christina Gerberding, Otmar Issing: w14596
During the turbulent 1970s and 1980s the Bundesbank established an outstanding reputation in the world of central banking. Germany achieved a high degree of domestic stability and provided safe haven for investors in times of turmoil in the international financial system. Eventually the Bundesbank provided the role model for the European Central Bank. Hence, we examine an episode of lasting importance in European monetary history. The purpose of this paper is to highlight how the Bundesbank monetary policy strategy contributed to this success. We analyze the strategy as it was conceived, communicated and refined by the Bundesbank itself. We propose a theoretical framework (following Söderström, 2005) where monetary targeting is interpreted, first and foremost, as a commitment device. In ou...
September 2007Factor Analysis in a Model with Rational Expectations
with Roger E. A. Farmer, Jérôme Henry, Massimiliano Marcellino: w13404
DSGE models are characterized by the presence of expectations as explanatory variables. To use these models for policy evaluation, the econometrician must estimate the parameters of expectation terms. Standard estimation methods have several drawbacks, including possible lack or weakness of identification of the parameters, misspecification of the model due to omitted variables or parameter instability, and the common use of inefficient estimation methods. Several authors have raised concerns over the implications of using inappropriate instruments to achieve identification. In this paper we analyze the practical relevance of these problems and we propose to combine factor analysis for information extraction from large data sets and GMM to estimate the parameters of systems of forward look...

Published: Andreas Beyer & Roger E. A. Farmer & Jérôme Henry & Massimiliano Marcellino, 2008. "Factor analysis in a model with rational expectations," Econometrics Journal, Royal Economic Society, vol. 11(2), pages 271-286, 07. citation courtesy of

Contact and additional information for this authorAll NBER papers and publicationsNBER Working Papers onlyInformation about this author at RePEc

 
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