TY - UNPB

T1 - An Empirical Analysis of the Changing Role of the German Bundesbank after 1983

AU - Juselius, Katarina

N1 - JEL Classification: E52, E58

PY - 1996

Y1 - 1996

N2 - A cointegrated VAR model describing a small macroeconomic system consisting of money, income, prices, and interest rates is estimated on split sample data before and after 1983. The monetary mechanisms were found to be significantly different. Before 1983, the money supply seemed controlable and expansion or contraction of money supply had the expected effect on prices, income, and interest rates. After 1983, the conventional mechanisms no longer seemed to work. The empirical analysis pointed to the crucial role of the bond rate in the system, particularly for the more recent period

AB - A cointegrated VAR model describing a small macroeconomic system consisting of money, income, prices, and interest rates is estimated on split sample data before and after 1983. The monetary mechanisms were found to be significantly different. Before 1983, the money supply seemed controlable and expansion or contraction of money supply had the expected effect on prices, income, and interest rates. After 1983, the conventional mechanisms no longer seemed to work. The empirical analysis pointed to the crucial role of the bond rate in the system, particularly for the more recent period

M3 - Working paper

BT - An Empirical Analysis of the Changing Role of the German Bundesbank after 1983

PB - Department of Economics, University of Copenhagen

ER -