Geldpolitische Strategien im Umbruch
Systeme monetärer Steuerung - Analyse und Vergleich geldpolitischer Strategien. Schriften zu Ordnungsfragen der Wirtschaft, Band 86,
In recent times the strategies of monetary policy, in particular that of the ECB, have been in the limelight of both scientific and public attention. After introducing into conceptual basics of monetary policy strategies, we compare inflation targeting and monetary targeting as the two prevalent strategies. The criteria established for this comparison are the way how the transmission of monetary policy is modeled, the role of expectations, the meaning of a nominal anchor as well as transparency and accountability. We conclude with a critical appraisal of the current ECB strategy.