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Thema Geldpolitik

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469 Ergebnisse, ab 401
  • DIW Wochenbericht 43 / 2016

    Target2-Salden steigen wieder – keine Krise, aber ein Weckruf: Kommentar

    2016| Philipp König
  • Vierteljahrshefte zur Wirtschaftsforschung 1 / 2016

    Niedrigzinsen – Ursachen, Wirkungen, Ausstiegsoptionen: Editorial

    2016| Dorothea Schäfer
  • Diskussionspapiere 1606 / 2016

    Re-vitalizing Money Demand in the Euro Area: Still Valid at the Zero Lower Bound

    The analysis of monetary developments have always been a cornerstone of the ECB’s monetaryanalysis and, thus, of its overall monetary policy strategy. In this respect, money demandmodels provide a framework for explaining monetary developments and assessing price stabilityover the medium term. It is a well-documented fact in the literature that, when interestrates are at the zero lower bound, the analysis ...

    2016| Christian Dreger, Dieter Gerdesmeier, Barbara Roffia
  • Diskussionspapiere 1605 / 2016

    Monetary Policy and Mispricing in Stock Markets

    This paper investigates whether central banks can attenuate excessive mispricing in stocks as suggested by the proponents of a "leaning against the wind" (LATW) monetary policy. For this, we decompose stock prices into a fundamental component, a risk premium, and a mispricing component. We argue that mispricing can arise for two reasons: (i) from false subjective expectations of investors about future ...

    2016| Benjamin Beckers, Kerstin Bernoth
  • Diskussionspapiere 1596 / 2016

    Unconventional Monetary Policy, Fiscal Side Effects and Euro Area (Im)balances

    We study the macroeconomic effects of unconventional monetary policy in the euro area using structural vector autoregressions, identified with an external instrument. The instrument is the common unexpected variation in euro area sovereign spreads for different maturities on policy announcement days. We first show that expansionary monetary surprises are effective at lowering public and private interest ...

    2016| Michael Hachula, Michele Piffer, Malte Rieth
  • DIW Berlin - Politikberatung kompakt 113 / 2016

    Effectiveness of the ECB Programme of Asset Purchases: Where Do We Stand? In-Depth Analysis

    2016| Kerstin Bernoth, Michael Hachula, Michele Piffer, Malte Rieth
  • DIW Roundup 95 / 2016

    The Dilemma or Trilemma Debate: Empirical Evidence

    One of the central results in international economics is that an economy cannot have at the same time independent monetary policy, free capital flows, and a fixed exchange rate. Over the last few years, however, this so-called Mundell-Flemming ‘trilemma’ has increasingly been challenged. It is argued that given the rising importance and synchronization of capital and credit flows across countries and ...

    2016| Pablo Anaya, Michael Hachula
  • DIW Economic Bulletin 14 / 2016

    Interest Rate Lift-Off in the US: Moderate Impact to Date but Emerging Markets Should Brace Themselves

    For the first time in almost a decade, the US Federal Reserve raised interest rates at the end of 2015 - an initial step toward normalizing monetary policy which has been very expansive since the onset of the financial crisis. Ahead of the move, it was feared that the interest rate reversal might have a considerable impact on emerging markets because the hike would lead to more capital flows being ...

    2016| Christoph Große Steffen
  • DIW Economic Bulletin 14 / 2016

    Countries with Large Current Account Deficits Could Find Themselves under Pressure: Eight Questions to Christoph Große Steffen

  • Video

    Nachgeforscht : bei Kerstin Bernoth zum EZB-Anleihekaufprogramm

    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.Ob und unter welchen Bedingungen dies gelingen kann, erläutert Kerstin Bernoth im "Nachgeforscht"...

    25.03.2015| Nachgeforscht
469 Ergebnisse, ab 401