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Opting Out Of The Great Inflation: German Monetary Policy After The Breakdown Of Bretton Woods

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Executive Summary

During the turbulent 1970s and 1980s the Bundesbank established an outstanding reputation in the world of central banking. Germany achieved a high degree of domestic stability and provided safe haven for investors in times of turmoil in the international financial system. Eventually the Bundesbank provided the role model for the European Central Bank. Hence, the authors examine an episode of lasting importance in European monetary history. The purpose of this paper is to highlight how the Bundesbank monetary policy strategy contributed to this success. They analyze the strategy as it was conceived, communicated and refined by the Bundesbank itself.

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