that the Bundesbank – which is near-universally credited for sparing West Germany the Great Inflation – would also not have … 1970s' United States would not have prevented the Great Inflation. We show that a standard policy counterfactual suggests … been able to prevent the Great Inflation in the United States. The sheer implausibility of this result sounds a cautionary …

banking. Germany achieved a high degree of domestic stability and provided safe haven for investors in times of turmoil in the … interpreted, first and foremost, as a commitment device. In our setting, a monetary target helps anchoring inflation and inflation … well as a strong response to deviations of inflation from target and to the activity growth gap. In contrast, the response …

Germany as center countries with rising/high current account deficits (US) and surpluses (Germany). These are matched by … analysis extends from 1981-2008, the results for Germany mostly capture the situation before the euro was created …

government bond yields by about 2 percentage points, while leaving unchanged the bond yields of the same maturity in Germany and … France, Germany, Italy, and Spain. The scenario analysis suggests that the reduction in bond yields due to OMT announcements … spillovers in France and Germany …

wages and labor market shocks feed into the inflation process and derive monetary policy implications. Towards that aim, we …