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Lässt sich die monetäre Analyse in der Zwei-Säulen-Strategie der EZB ökonomisch begründen?

Lässt sich die monetäre Analyse in der Zwei-Säulen-Strategie der EZB ökonomisch begründen?

          
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About the Book

Diplomarbeit aus dem Jahr 2010 im Fachbereich VWL - Makroökonomie, allgemein, Note: 1,3, Ruhr-Universität Bochum, Sprache: Deutsch, Abstract: Die Europäische Zentralbank (EZB) strebt mit ihrer Geldpolitik das vorrangige Ziel der Preisniveaustabilität an. Um dieses Ziel zu erreichen verfolgt die EZB ein geldpolitisches Konzept, das als Zwei-Säulen-Strategie bezeichnet wird. Im Mittelpunkt der Strategie stehen eine quantitative Definition von Preisniveaustabilität sowie die beiden Säulen der geldpolitischen Strategie: die wirtschaftliche und die monetäre Analyse. Die wirtschaftliche Analyse bewertet die kurz- bis mittelfristigen Risiken für die Preisniveaustabilität, während die monetäre Analyse die mittel- bis langfristigen Gefahren für die Preisniveaustabilität beurteilt. Die dabei gewonnenen Erkenntnisse werden anschließend miteinander verglichen bzw. gegen geprüft, um eine umfassende Gesamtbeurteilung der Gefahren für die Preisniveaustabilität zu ermöglichen. Auf der Grundlage dieser Gesamtbeurteilung legt der EZB-Rat dann die weitere geldpolitische Vorgehensweise fest. Seit ihrer Einführung ist die Zwei-Säulen-Strategie ständiger Kritik ausgesetzt. Insbesondere die monetäre Analyse gerät dabei immer wieder in den Fokus der Diskussion. Der Grund hierfür liegt in der hervorgehobenen Rolle der Geldmenge in der monetären Analyse. Die monetäre Analyse basiert auf der mittel- bis langfristigen Beziehung zwischen der Geldmenge und dem Preisniveau. In diesem Zusammenhang beinhaltet sie u. a. einen Referenzwert für das Wachstum des Geldmengenaggregats M3. Weicht das tatsächliche Wachstum von M3 von diesem Referenzwert ab, so kann dies Risiken für die Preisniveaustabilität signalisieren. Den Stein des Anstoßes stellen vor allem die vom Jahr 2001 bis 2003 auftretenden deutlichen Überschreitungen des Referenzwerts dar, die weder einen Einfluss auf die Inflationsrate zu haben schienen, noch eine erkennbare gegensteuernde Reaktion der EZB zur Folge hatten. In diesem Kontext


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Product Details
  • ISBN-13: 9783640973378
  • Publisher: Grin Publishing
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 4 mm
  • Width: 148 mm
  • ISBN-10: 3640973372
  • Publisher Date: 02 Aug 2011
  • Height: 210 mm
  • No of Pages: 60
  • Series Title: German
  • Weight: 91 gr


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