MONETARY TARGETING IN WEST GERMANY, HOLLAND, AND SWITZERLAND
EDUARD J. BOMHOFF
Links between fluctuations in domestic money supplies and subsequent fluctuations in rates of real output have been less visible in Western Europe than in the United States. This paper discusses some of the causes and investigates the stability of the demand for money in West Germany, the Netherlands and Switzerland. In all three countries, temporary changes in short-term interest rates temporarily affect the demand for money. These temporary changes in the demand for money are reflected in temporary blips in the monetary statistics, as agents substitute among various monetary assets. Copyright 1985 Western Economic Association International.
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