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Glaubwrdigkeit und Reputation der Geldpolitik

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Brand
Springer Nature
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N/A
Part Number
0
GTIN
9783824460298
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New
Product Description

Die vorliegende Arbeit behandelt ein Thema, das vor allem in jngster Zeit in der Geldtheorie groe Aufmerksamkeit gefunden hat. Gerade in Deutschland sind Glaubwrdig keits-und Reputationsaspekte der Geldpolitik besonders heftig -wenn auch meistens auf po pulr-wissenschaftlichem Niveau -diskutiert worden. Zu denken ist beispielsweise an die "Zinspolitik der Trippelschritte" , die von der Bundesbank sicherlich auch mit dem Ziel ver folgt wurde, beim Publikum keine lngerfristigen Inflationserwartungen zu wecken. Der Verfasser errtert die Probleme der Glaubwrdigkeit und Reputation modelltheore tisch. Die Ausfhrungen basieren durchweg auf spieltheoretischen berlegungen, die die Zu sammenhnge zwischen dem Verhalten der Notenbank und den Erwartungen der Privaten analysieren. Das 4. Kapitel stellt dabei den Kern der Arbeit dar. Wichtigstes Ergebnis der diskutierten Modelle ist, da aufgrund von Erwartungsirrtmern der Privaten -jedenfalls auf kurze und mittlere Sicht -reale Effekte von der Geldpolitik ausgehen knnen. Vor allem in Zeiten hoher Unterbeschftigung, in denen das Beschftigungsziel im Vordergrund steht, kann die Effizienz der Geldpolitik durch nicht vorhandene Informationen der Privaten erhht werden. Die Notenbank hat jedoch abzuwgen, ob die kurzfristig erzielten realen Effekte den Nachteil zuknftig hherer Inflationserwartungen rechtfertigen.

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