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The Great InflationThe Rebirth of Modern Central Banking$
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Michael D. Bordo and Athanasios Orphanides

Print publication date: 2013

Print ISBN-13: 9780226066950

Published to Chicago Scholarship Online: September 2013

DOI: 10.7208/chicago/9780226043555.001.0001

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Opting Out of the Great Inflation

Opting Out of the Great Inflation

German Monetary Policy after the Breakdown of Bretton Woods

(p.301) 6 Opting Out of the Great Inflation
The Great Inflation

Andreas Beyer

Vitor Gaspar

Christina Gerberding

Otmar Issing

University of Chicago Press

This chapter explains the monetary targeting framework followed by the German Bundesbank from 1974 to 1998, and relates the Bundesbank’s success in maintaining price stability and in anchoring inflation expectations to its strategy. The goal is to provide a historical account of the conduct of monetary policy, focusing especially on the first ten years of monetary targeting, from 1975 until the middle of the 1980s, when price stability was virtually reached in Germany.

Keywords:   German Bundesbank, price stability, inflation, monetary targeting

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