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Thema Geldpolitik

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1351 Ergebnisse, ab 401
  • DIW Wochenbericht 20 / 2020

    Im Laufe der Corona-Pandemie sind die Zinsstrukturkurven aller Länder und Sektoren drastisch gestiegen: Interview

    2020| Chi Hyun Kim, Erich Wittenberg
  • Diskussionspapiere 1872 / 2020

    Active, or Passive? Revisiting the Role of Fiscal Policy in the Great Inflation

    We reexamine whether pre-Volcker U.S. fiscal policy was active or passive. To do so, we estimate a DSGE model with monetary and fiscal policy interactions employing a sequential Monte Carlo algorithm (SMC) for posterior evaluation. Unlike existing studies, we do not have to treat each policy regime as distinct, separately estimated, models. Rather, SMC enables us to estimate the DSGE model over its entire ...

    2020| Stephanie Ettmeier, Alexander Kriwoluzky
  • Referierte Aufsätze Web of Science

    Bayesian Inference for Structural Vector Autoregressions Identified by Markov-Switching Heteroskedasticity

    In this study, Bayesian inference is developed for structural vector autoregressive models in which the structural parameters are identified via Markov-switching heteroskedasticity. In such a model, restrictions that are just-identifying in the homoskedastic case, become over-identifying and can be tested. A set of parametric restrictions is derived under which the structural matrix is globally or ...

    In: Journal of Economic Dynamics & Control 113 (2020), 103862 | Helmut Lütkepohl, Tomasz Wozniak
  • Diskussionspapiere 1873 / 2020

    The Macroeconomic Effects of a European Deposit (Re-) Insurance Scheme

    Recent proposals for a still missing European deposit insurance scheme (EDIS) argue in favor of a reinsurance framework. In this paper, we use a regime-switching open-economy DSGE model with bank default to assess the relative efficiency of such a scheme. We find that reinsurance by EDIS is more effective in stabilizing real activity, credit, and welfare than a national fiscal backstop. We demonstrate ...

    2020| Marius Clemens, Stefan Gebauer, Tobias König
  • DIW Weekly Report 19/20 / 2020

    Financial Market Participants Expect the Coronavirus Pandemic to Have Long-Lasting Economic Impact in Europe

    Market participants are generally in agreement that the coronavirus pandemic will have a severe impact on the European economy, but it is difficult to predict the length and extent of the pandemic’s effects. However, using the yield curves of corporate bonds, we can reach some preliminary conclusions about the impact of the pandemic. The expectations of financial market participants are revealed in ...

    2020| Stephanie Ettmeier, Chi Hyun Kim, Alexander Kriwoluzky
  • DIW Weekly Report 14 / 2020

    Price Stability and Climate Risks: Sensible Measures for the European Central Bank

    By the end of 2020, the European Central Bank (ECB) will present the results of its monetary policy strategy review. What changes are to be expected and what changes are needed? This report covers two areas of the strategy review. First, alternatives to the current definition of price stability are discussed. Current studies and the practices of other central banks indicate that supplementing the ...

    2020| Franziska Bremus, Geraldine Dany-Knedlik, Thore Schlaak
  • Diskussionspapiere 1860 / 2020

    The Financial Accelerator, Wages, and Optimal Monetary Policy

    I study the effects of labor market outcomes on firms' loan demand and credit intermediation. I first show in partial equilibrium that the presence of frictions in the banking sector lowers the capital factor demand elasticity to changes in real wages. This finding helps to connect the substitutability of labor and capital with credit conditions. Second, I use a new Keynesian banking model with an ...

    2020| Tobias König
  • Referierte Aufsätze Web of Science

    Inflation Expectations and the Recovery from the Great Depression in Germany

    A regime shift toward increased inflation expectations is credited with jump-starting the recov- ery from the Great Depression in the United States. What role did inflation expectations play in Germany that experienced a similarly successful economic upturn in the 1930s? We study infla- tion expectations in the German recovery across several methods: we conduct a narrative study of media sources; we estimate ...

    In: Explorations in Economic History 75 (2020), 101305, 18 S. | Volker Daniel, Lucas ter Steege
  • DIW aktuell ; 31 / 2020

    Geldpolitische Maßnahmen der EZB und der Fed gegen die Corona-Krise wirken wenig

    Um die Auswirkungen der Corona-Krise abzufedern, haben die Zentralbanken weitreichende geldpolitische Maßnahmen ergriffen. Die US-amerikanische Federal Reserve hat ihre Zinsen gesenkt und ebenso wie die Europäische Zentralbank ihre Anleihekaufprogramme ausgeweitet. Fraglich ist, ob diese Maßnahmen den gewünschten Effekt haben, also die Märkte beruhigen und die Realwirtschaft stützen. Zwar lassen sich ...

    2020| Kerstin Bernoth, Geraldine Dany-Knedlik, Anna Gibert
  • DIW Wochenbericht 12 / 2020

    Preisstabilität und Klimarisiken: Was im Rahmen der Strategierevision der Europäischen Zentralbank sinnvoll ist

    Bis zum Jahresende 2020 will die Europäische Zentralbank (EZB) die Ergebnisse ihrer aktuellen Strategieüberprüfung vorlegen. Welche Änderungen sind zu erwarten und was wäre wünschenswert? Der vorliegende Bericht beschäftigt sich mit zwei Bereichen der Überprüfung. Erstens werden Alternativen zur jetzigen Definition der Preisstabilität diskutiert. Aktuelle Studien und Praktiken anderer Zentralbanken ...

    2020| Franziska Bremus, Geraldine Dany-Knedlik, Thore Schlaak
1351 Ergebnisse, ab 401
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