Conclusion and Outlook

  • Felix Hüfner
Part of the ZEW Economic Studies book series (ZEW, volume 23)


The goal of this study was twofold: to provide a rationale for the use of sterilised interventions in a framework of inflation targeting and to find evidence whether inflation targeting countries use sterilised interventions as an additional monetary policy instrument. Turning again to our simple model of monetary policy we summarise our main findings in the following.


Exchange Rate Interest Rate Monetary Policy Inflation Target Taylor Rule 


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  1. 166.
    The following draws on Stock (2001) and Kennedy (1998).Google Scholar

Copyright information

© Springer-Verlag Berlin Heidelberg 2004

Authors and Affiliations

  • Felix Hüfner
    • 1
  1. 1.Centre for European Economic Research (ZEW)MannheimGermany

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