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Thema Geldpolitik

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444 Ergebnisse, ab 401
  • Diskussionspapiere 1479 / 2015

    Euro Area Government Bonds: Integration and Fragmentation during the Sovereign Debt Crisis

    The paper analyzes the integration of euro area sovereign bond markets during the European sovereign debt crisis. It tests for contagion (i.e., an intensification in the transmission of shocks across countries), fragmentation (a reduction in spillovers) and flight-to-quality patterns, exploiting the heteroskedasticity of intraday changes in bond yields for identification. The paper finds that euro ...

    2015| Michael Ehrmann, Marcel Fratzscher
  • DIW Roundup 60 / 2015

    Central Bank Asset Puchases I: The Theory

    In the face of interest rates having hit their zero lower bound in major economies, large-scale asset purchases have become an important weapon of central banks in recent years. It is, however, not clear whether and under which circumstances such policy measures produce the desired effects. This round-up provides a selective overview of theoretical research that has been devoted to understand under ...

    2015| Carolin Raab, Philipp König, Kerstin Bernoth
  • DIW Economic Bulletin 13 / 2015

    Unchartered Territory: Large-Scale Asset Purchases by the European Central Bank

    The European Central Bank (ECB) decided at its Council meeting in January to implement a comprehensive program to purchase bonds, including euro area government bonds. The purchases are intended to anchor the rate of inflation and inflation expectations at below but close to two percent again. Given the lack of experience with this unconventional monetary policy instrument, the ECB is venturing into ...

    2015| Kerstin Bernoth, Philipp König, Carolin Raab, Marcel Fratzscher
  • DIW Economic Bulletin 13 / 2015

    ECB Bond Purchases: No Panacea for Deflation: Seven Questions to Kerstin Bernoth and Philipp König

  • DIW Wochenbericht 13 / 2015

    Unbekanntes Terrain: Anleihekäufe der Europäischen Zentralbank

    Auf ihrer Ratssitzung im Januar beschloss die Europäische Zentralbank (EZB) ein umfassendes Ankaufprogramm für Anleihen, insbesondere Staatsanleihen. Die Käufe sollen dazu dienen, die Inflationsrate und die Inflationserwartungen wieder bei knapp unter zwei Prozent zu verankern. Angesichts der nur geringen Erfahrungen mit diesem unkonventionellen geldpolitischen Instrument wagt sich die EZB damit auf ...

    2015| Kerstin Bernoth, Philipp König, Carolin Raab, Marcel Fratzscher
  • DIW Wochenbericht 13 / 2015

    Anleihekäufe der EZB sind keine Allzweckwaffe gegen Deflation: Sieben Fragen an Kerstin Bernoth und Philipp König

  • Externe referierte Aufsätze

    The Transmission of Oil and Food Prices to Consumer Prices: Evidence for the MENA Countries

    This paper investigates the effects of global oil and food price shocks to consumer prices in Middle East-North African (MENA) countries using threshold cointegration methods. Oil and food price shocks increase domestic prices in the long run, whereby the impact of food prices dominates. While global prices are weakly exogenous, consumer prices respond to deviations from the equilibrium relationship. ...

    In: International Economics and Economic Policy 12 (2015), 1, S. 143-161 | Ansgar Belke, Christian Dreger
  • Weitere externe Aufsätze

    Fiscal Risk Sharing and Stabilization in the EMU

    In: George Christodoulakis (Ed.) , Managing Risks in the European Periphery Debt Crisis : Lessons from the Trade-off between Economics, Politics and the Financial Markets
    London: MacMillan
    S. 148-162
    | Kerstin Bernoth, Philipp Engler
  • Weitere externe Aufsätze

    Transaktionssteuer: Einführung ist ein politisches Signal

    In: Wirtschaftsdienst 95 (2015), 1, S. 5-6 | Alexander S. Kritikos, Christian Dreger
  • DIW Roundup 55 / 2015

    Bubbles and Monetary Policy: To Burst or Not to Burst?

    The question of whether monetary policy should target asset prices remains a contentious issue. Prior to the 2007/08 financial crisis, central banks opted for a wait-and-see approach, remaining passive during the build-up of asset price bubbles but actively seeking to stabilize prices and output after they burst. The macroeconomic and financial turbulence that followed the subprime housing bubble has ...

    2015| Philipp König, David Pothier
444 Ergebnisse, ab 401