Overview

After fifty 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 ask formerly taboo 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. Further studies consider the allegation often made against independent central banks is their lack of democratic accountability. One essay argues that there is in fact no trade off between independence and accountability; another that in this context, central bank independence is not a goal in itself, but only a means to achieve an objective set by the legislature. The authors in this book are all highly respected experts in this field, and their perspective is refreshingly interdisciplinary, linking political science and economics. The History of the Bundesbank fills a marked gap in research literature; no other book exists which thoroughly considers the important lessons to be learned from the Bundesbank for the ECB.

Full Product Details

Author:   Jakob De Haan
Publisher:   Taylor & Francis Ltd
Imprint:   Routledge
Volume:   v.9
Dimensions:   Width: 15.60cm , Height: 1.20cm , Length: 23.40cm
Weight:   0.408kg
ISBN:  

9780415217231

ISBN 10:   0415217237
Pages:   176
Publication Date:   16 March 2000
Audience:   College/higher education ,  Professional and scholarly ,  Undergraduate ,  Postgraduate, Research & Scholarly
Format:   Hardback
Publisher's Status:   Active
Availability:   In Print  
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Table of Contents

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

Reviews

'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

'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

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

... this is a fine contribution to contemporary debate on monetary policy, containing many valuable pieces of scholarship.... <br>-EH.Net, August 2001 <br>

Author Information

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

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