NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Opting Out of the Great Inflation: German Monetary Policy After the Break Down of Bretton Woods

Andreas Beyer, Vitor Gaspar, Christina Gerberding, Otmar Issing

NBER Working Paper No. 14596
Issued in December 2008

---- Acknowledgements -----

We thank Edward Nelson and Athanasios Orphanides for sharing their real-time output gap data with us. Furthermore, we thank our discussant Benjamin Friedman for his challenging and thought-provoking comments. We are also grateful to Michael Bordo, Vítor Constancio, Gabriel Fagan, Dieter Gerdesmeier, Alfred Guender, Lars Jonung, Athanasios Orphanides, Werner Roeger, Franz Seitz, Ulf Söderström, Lars Svensson, Guntram Wolff, Andreas Worms and Charles Wyplosz for insightful discussions and their valuable suggestions. We also wish to thank participants of a seminar held by the Eurosystem's MPC and participants of the NBER conference at Woodstock for their comments that helped improving an earlier draft of this paper. Last but not least we would like to express our gratitude to Aurelie Therace for her efficient help in preparing the final manuscript. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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