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

ISBN-13: 9780415217231 / Angielski / Twarda / 2000 / 176 str.

Jacob de Hann

Opis

After 50 years the Deutsche Bundesbank - the central bank that ruled European monetary affairs - stepped down to entrust monetary policy to the European Central Bank (ECB). The ECB is largely modelled after the Bundesbank. No doubt, this has something to do with the success of the Bundesbank in keeping inflation low. What lessons can be learnt for the ECB from the experience of the Bundesbank? The Bundesbank has been, and in the near future the ECB will be, the most important macroeconomic institution for more than two decades. The essays in this book ask questions such as how independent is the Bundesbank, and reveal some evidence that the bank sometimes had to trade-off political demands and price stability. Further empirical research reveals that the Bundesbank is indeed not free from political pressure. Other writers consider the value and sense of the ECBs primary objective: maintaining price stability.

Recenzje

'The authors in this book are all experts in this field, and their perspective is refreshingly interdisciplinary, linking political science and economics. In this book they fill a marked gap in research literature.' - European Foundation For Management Development

'This volume is a truly rich source for further studies.' - Weltwirtschaftliches Archiv

Spis treści

Introduction Jakob de Haan 1. Introductory remarks on 50 years of Bundesbank: lessons for the ECB André Szász 2. How independent is the Bundesbank really? A survey Philipp Maier and Jakob de Haan 3. The Bundesbank's reaction to policy conflicts Helge Berger and Friedrich Schneider 4. From low inflation to price stability in Germany: measurement, costs and benefits Karl-Heinz Tödter and Gerhard Ziebarth 5. Credibly conservative monetary policy and labour-goods-market organisation: a review with implications for ECB-led monetary policy in Europe Robert J. Franzese, Jr. 6. Monetary policy of the ECB: strategy and instruments Sylvester C.W. Eijffinger 7. The European central bank as a new institution and the problem of accountability Otmar Issing

O autorze

Jakob de Haan is Jean Monnet Professor and Director of the research school Systems, Organisation and Management at the University of Groningen, The Netherlands