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Thema Geldpolitik

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428 Ergebnisse, ab 21
Schumpeter BSE Macro Seminar

Spillovers and Redistribution through Intra-Firm Networks: The Product Replacement Channel (joint with Jay Hyun)

04.01.2022| Prof. Ryan Kim, Johns Hopkins University
Externe referierte Aufsätze

Signalling Creditworthiness with Fiscal Austerity

Sovereign borrowers may tighten their fiscal stance in order to signal their creditworthiness to lenders. In a model of sovereign debt with incomplete information, I show that a trustworthy country may reduce its debt beyond the optimal level in order to separate itself from less reliable countries. Since austerity is costly, the gains in the price of debt from separating need to be high enough, as ...

In: European Economic Review 144 (2022), 104090, 27 S. | Anna Gibert
DIW Wochenbericht 14 / 2022

EZB kann Kraftstoff- und Heizkosten mit Zinserhöhung senken, riskiert aber wirtschaftliche Erholung

Seit Mitte des vergangenen Jahres steigt die Inflation im Euroraum beträchtlich. Grund sind insbesondere die verteuerten Energiepreise. Der russische Angriff auf die Ukraine seit Ende Februar hat diesen Trend noch einmal verschärft. Um die Preise stabil zu halten, müsste die Europäische Zentralbank langsam die Geldpolitik zügeln. Doch hätte beispielweise eine Zinserhöhung überhaupt den Effekt, die ...

2022| Gökhan Ider, Alexander Kriwoluzky, Frederik Kurcz
DIW Wochenbericht 14 / 2022

Die Ankündigung der EZB, die Zinsen wahrscheinlich zu erhöhen, war richtig: Interview

2022| Alexander Kriwoluzky, Erich Wittenberg
DIW Weekly Report 14/15/16 / 2022

ECB Can Lower Fuel and Heating Costs by Increasing Interest Rates but Would Risk Economic Recovery

Inflation has been growing considerably since the middle of 2021, with rising energy prices driving the increase in particular. Since the end of February 2022, the trend has also been exacerbated by the ongoing Russian invasion of Ukraine. To keep prices stable, the European Central Bank must rein in its accommodative monetary policy. However, would doing so—by enacting an interest rate increase, for ...

2022| Gökhan Ider, Alexander Kriwoluzky, Frederik Kurcz
DIW Wochenbericht 7 / 2022

Preiskontrollen eignen sich nicht, um die Inflation zu bekämpfen: Kommentar

2022| Kerstin Bernoth, Alexander Kriwoluzky
Diskussionspapiere 1995 / 2022

A Behavioral Heterogeneous Agent New Keynesian Model

We develop a New Keynesian model with household heterogeneity and bounded rationality in the form of cognitive discounting. The interaction of household heterogeneity and bounded rationality generates amplification of monetary and fiscal policy through indirect general equilibrium effects while simultaneously ruling out the forward guidance puzzle and remaining stable at the effective lower bound. ...

2022| Oliver Pfäuti, Fabian Seyrich
Externe referierte Aufsätze

Die EZB-Geldpolitik in der Zwickmühle

In: Wirtschaftsdienst 102 (2022), 6, S. 423-425 | Kerstin Bernoth, Marcel Fratzscher
Diskussionspapiere 1993 / 2022

Sovereign Bonds since Waterloo

This paper studies external sovereign bonds as an asset class. It compiles a new database of 266,000 monthly prices of foreign-currency government bonds traded in London and New York between 1815 (the Battle of Waterloo) and 2016, covering up to 91 countries. The main insight is that, as in equity markets, the returns on external sovereign bonds have been sufficiently high to compensate for risk. Real ...

2022| Josefin Meyer, Carmen M. Reinhart, Christoph Trebesch
Diskussionspapiere 1990 / 2022

The Signalling Channel of Negative Interest Rates

Negative interest rates remain a controversial policy for central banks. We study a novel signalling channel and ask under what conditions negative rates should exist in an optimal policymaker’s toolkit. We prove two necessary conditions for the optimality of negative rates: a time-consistent policy setting and a preference for policy smoothing. These conditions allow negative rates to signal policy ...

2022| Oliver de Groot, Alexander Haas
428 Ergebnisse, ab 21