"Wohlstand für alle" – das ist seit Ludwig Erhard das Credo der deutschen Politik. Doch Deutschland ist an seinem Ideal gescheitert: In unserer Marktwirtschaft wird mit gezinkten Karten gespielt. In kaum einem Industrieland herrscht eine so hohe Ungleichheit – in Bezug auf Einkommen, Vermögen und Chancen. Die Investitionen sinken, die Abhängigkeit vom Staat nimmt zu, die soziale Teilhabe nimmt ab. ...
Die unabhängige Expertenkommission wurde im August 2014 von Bundeswirtschaftsminister Sigmar Gabriel mit dem Auftrag berufen, konkrete Handlungsempfehlungen zur Stärkung privater und öffentlicher Investitionen in Deutschland auszuarbeiten. Auftrag der Kommission ist es, eine ganzheitliche Perspektive auf die deutsche Gesellschaft und Wirtschaft einzunehmen. Eine leistungsfähige, zukunftsorientierte ...
Berlin:
Expertenkommission Stärkung von Investitionen in Deutschland,
2015,
96 S.
| Expertenkommission Stärkung von Investitionen in Deutschland. Vorsitz: Marcel Fratzscher
The independent Expert Commission was appointed by Federal Minister for Economic Affairs and Energy Sigmar Gabriel in August 2014 to draw up recommendations for action to increase private and public investment in Germany. The 21 members of the Expert Commission represent broad sections of German industry, society and academia. The Commission has the task of examining German society and industry from ...
Berlin:
Expertenkommission Stärkung von Investitionen in Deutschland,
2015,
96 S.
| Expertenkommission Stärkung von Investitionen in Deutschland. Chairman: Marcel Fratzscher
We construct a novel database of monthly foreign exchange interventions for 49 countries over up to 22 years. We build on a text classification approach that extracts information about interventions from news articles and calibrate our procedure to data about actual interventions. This new dataset allows us to document stylized facts about the use of foreign exchange interventions for countries that ...
In:
IMF Economic Review
71 (2023), 4, S. 852–884
| Marcel Fratzscher, Tobias Heidland, Lukas Menkhoff, Lucio Sarno, Maik Schmeling
We study the characteristics of inflation targeting as a shock absorber, using quarterly data for a large panel of countries. To overcome an endogeneity problem between monetary regimes and the likelihood of crises, we propose to study large natural disasters. We find that inflation targeting improves macroeconomic performance following such exogenous shocks. It lowers inflation, raises output growth, ...
In:
Journal of International Economics
123 (2020), 103308, 16 S.
| Marcel Fratzscher, Christoph Große Steffen, Malte Rieth
The article analyses the empirical relationship between bank credit risk and sovereign credit risk in the euro area, using a system of simultaneous equations identified through heteroskedasticity. We first confirm a two-way causality between both risks, which amplifies initial credit risk shocks. We also document significant credit risk spillovers between sovereigns and banks in the periphery and the ...
In:
Review of Finance
23 (2019), 4, S. 745-775
| Marcel Fratzscher, Malte Rieth
This paper examines foreign exchange intervention based on novel daily data covering 33 countries from 1995 to 2011. We find that intervention is widely used and an effective policy tool, with a success rate in excess of 80 percent under some criteria. The policy works well in terms of smoothing the path of exchange rates, and in stabilizing the exchange rate in countries with narrow band regimes. ...
In:
American Economic Journal: Macroeconomics
11 (2019), 1, S. 132-156
| Marcel Fratzscher, Oliver Gloede, Lukas Menkhoff, Lucio Sarno, Tobias Stöhr
This article analyses the effects of the Federal Reserve's quantitative easing (QE) on global portfolio flows, differentiating across recipient region of the flows, type of flow and QE rounds. Furthermore, the analysis differentiates between the impact of QE expansionary announcements and the actual market operations. The analysis shows that QE1 resulted in (slight) rebalancing towards the US, while ...
In:
The Economic Journal
12, (2018), S. 330-377
| Marcel Fratzscher, Marco Lo Duca, Roland Straub