Bundesbank monetarism

[Brad De Long]

Rick Mishkin believes that monetarism has been abandoned as an operating
strategy by the Bundesbank as well. He thinks that they now do what they
want to do (i.e., raise interest rates when inflation rises above 2.5%,
chuckle with glee whenever inflation falls below 2%) and find a monetarist
justification for it...
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Re;
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>Monetarism is pretty washed up too, except in the Bundesbank, some Wall
>Street trading room, and the St Louis Fed. You should watch Erich Heinemann
>mutter about "long & variable lags."
>
>Doug