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Inflationsgefahren werden größer - Welchen Kurs soll die Geldpolitik steuern? Thesen zum 38. Kieler Konjunkturgespräch

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  • Langfeldt, Enno
  • Scheide, Joachim
  • Trapp, Peter

Abstract

Table of Contents: I. Kräftige Konjunkturbelebung verstärkt Inflationserwartungen in den Industrieländern 3 1. Deutliche Zunahme der Produktion 3 2. Ausblick: Geldpolitik dämpft Konjunktur 1989 6 3. Stabilitätsorientierung der Geldpolitik kontrovers 8 II. Was kann die Geldpolitik leisten? 9 1. Geldpolitik ist für Preisniveaustabilität verantwortlich 9 2. Geldpolitik kann Wachstum und Beschäftigung nicht dauerhaft erhöhen 11 III. Die Praxis der Geldmengenziele 14 1. Zur Bedeutung der Geldmengenziele 14 2. Diskretionäre Politik trotz Geldmengenziel 15 IV. Sollen sich die Notenbanken an anderen Indikatoren orientieren? 20 1. Was sagen Zinsen über den Kurs der Geldpolitik aus? 20 2. Sind Rohstoffpreise ein geeigneter monetärer Indikator? ... 23 3. Setzt die Stabilität des Preisniveaus stabile Wechselkurse voraus? .. 26 4. Statt eines Indikators viele verschiedene Indikatoren? 29 V. Geldmengenorientierung sollte beibehalten werden 31 1. Zusammenhang zwischen Geldmenge und wirtschaftlicher Aktivität besteht nach wie vor 31 2. Geldmengenregeln sind nicht obsolet 34 3. Konkrete Beispiele für die Ausgestaltung von Geldmengenregeln . . . . 35 VI. Stärkere gesetzliche Bindung gegen erratische Geldpolitik 39 1. Warum Geldmengenregeln nicht eingehalten werden 39 2. Geldmengenregeln müssen gesetzlich festgelegt werden 41 3. Wie die Geldverfassung aussehen könnte 42 Literaturverzeichnis 44

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  • Langfeldt, Enno & Scheide, Joachim & Trapp, Peter, 1988. "Inflationsgefahren werden größer - Welchen Kurs soll die Geldpolitik steuern? Thesen zum 38. Kieler Konjunkturgespräch," Open Access Publications from Kiel Institute for the World Economy 394, Kiel Institute for the World Economy (IfW Kiel).
    • Handle: RePEc:zbw:ifwkie:394
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    References listed on IDEAS

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    2. Schatz, Klaus-Werner & Scheide, Joachim & Trapp, Peter, 1988. "Low growth and high unemployment in Europe - Causes and policy options," Kiel Discussion Papers 140, Kiel Institute for the World Economy (IfW Kiel).
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