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The Behaviour of Interest Groups in Trade and Industry Towards Monetary Policy and Central Banks

Theory and Evidence on Germany and the Euro Area

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Steffen Kern

This study investigates the behaviour of private interest groups towards monetary policy and central banks. It explores the extent to which interest groups seek to influence monetary policy and their motivations for doing so – or for refraining from doing so. Where evidence for interest group activity with respect to monetary decisions can be found, the study aims to identify the ways in which groups communicate with policymakers. The behaviour of interest groups in the area of monetary policymaking is investigated by means of an empirical case study of the relations between interest groups and the Deutsche Bundesbank in Germany as well as the potential impact of introduction of the single European currency and establishment of the ECB. The study evaluates the relevance of the institutional setting, policy issues and other factors.
Contents: Monetary policymaking in Germany – Institutional context: the Deutsche Bundesbank – Issue context: monetary policy in Germany – Exposure of trade and industry to monetary policy – Group context: industry and trade associations in Germany – Analysis of interest group behaviour in Germany and at EU level – Interest group activity after entry into EMU – Channels of communication of interests.