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Although its primary ultimate objective is price stability, the Bundesbank has drawn a distinction between its money-focus strategy and the inflation targeting approach recently adopted by a number of central banks. We show that, holding constant the current forecast of inflation, German monetary policy responds very little to changes in forecasted money growth; we conclude that the Bundesbank is much better described as an inflation targeter than as a money targeter. An additional contribution of the paper is to apply the structural VAR methods of Bernanke and Mihov (1995) to determine the optimal indicator of German monetary policy: We find that the Lombard rate has historically been a good policy indicator, although the use of the call rate as an indicator cannot be statistically rejected.

Anti-inflationary policies.

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Corrosion and anti-corrosives. --- Corrosion and anti-corrosives

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Lois anti-trusts --- Trusts --- Legislation

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Anti-fascist movements --- Nationalism --- History --- Italy

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Antisemitism --- Antisémitisme --- Germany --- Allemagne --- Ethnic relations. --- Relations interethniques --- -Anti-Jewish attitudes --- Anti-Jewish attitudes --- Anti-Semitism --- Ethnic relations --- Prejudices --- Philosemitism