NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Opting Out of the Great Inflation: German Monetary Policy after the Breakdown of Bretton Woods

Andreas Beyer, Vitor Gaspar, Christina Gerberding, Otmar Issing

Chapter in NBER book The Great Inflation: The Rebirth of Modern Central Banking (2013), Michael D. Bordo and Athanasios Orphanides, editors (p. 301 - 346)
Conference held September 25-27, 2008
Published in June 2013 by University of Chicago Press
© 2013 by the National Bureau of Economic Research

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.

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This paper was revised on December 17, 2009

Acknowledgments

Machine-readable bibliographic record - MARC, RIS, BibTeX

Commentary on this chapter:
  Discussion, Michael D. Bordo, Athanasios Orphanides
  Comment, Benjamin M. Friedman
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