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Thema Geldpolitik

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444 Ergebnisse, ab 31
  • DIW Weekly Report 40 / 2022

    Activation of New ECB Emergency Program TPI Has Not Yet Been Required

    Since the beginning of 2022, monetary policy in the euro area has been gradually normalizing. As a result, bond yields of highly indebted countries such as Italy and Greece are rising more sharply than those of countries with less debt, such as Germany, a development referred to as bond market fragmentation. To ensure the coherent effectiveness of monetary policy on economic developments and, ultimately, ...

    2022| Kerstin Bernoth, Sara Dietz, Gökhan Ider, Rosa María Lastra
  • Externe referierte Aufsätze

    What Goes around Comes around: How Large Are Spillbacks from US Monetary Policy?

    Spillovers from US monetary policy entail spillbacks to the domestic economy. Applying counterfactual analyses in a Bayesian proxy structural vector-autoregressive model we find that spillbacks account for a non-trivial share of the slowdown in domestic real activity following a contractionary US monetary policy shock. Spillbacks materialise as a monetary policy tightening depresses foreign sales and ...

    In: Journal of Monetary Economics 131 (2022), S. 45–60 | Max Breitenlechner, Georgios Georgiadis, Ben Schumann
  • Diskussionspapiere 2012 / 2022

    Real Effects of Financial Market Integration: Evidence from an ECB Collateral Framework Change

    This paper studies the effects of harmonizing collateral policy in a monetary union. In 2007, the European Central Bank replaced national collateral lists with a single list specifying which assets euro area banks can pledge as collateral. Banks holding newly eligible assets experience a reduction in their cost of funding and increase loan supply compared to banks without such assets. The effect is ...

    2022| Pia Hüttl, Matthias Kaldorf
  • Externe referierte Aufsätze

    Die EZB-Geldpolitik in der Zwickmühle

    In: Wirtschaftsdienst 102 (2022), 6, S. 423-425 | Kerstin Bernoth, Marcel Fratzscher
  • 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 19 / 2022

    Deutsche Wirtschaft wird durch Krieg, Inflation und chinesische Lockdowns ausgebremst: Kommentar

    2022| Guido Baldi
  • 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
444 Ergebnisse, ab 31