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Thema Geldpolitik

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450 Ergebnisse, ab 441
  • DIW Wochenbericht 44 / 2013

    Target-Salden - ein Anker der Stabilität

    Die Debatte über Target 2 - das Zahlungsverkehrssystem des Europäischen Systems der Zentralbanken - hat in den vergangenen Jahren zu kontroversen Diskussionen in Deutschland geführt. Die vorliegende Studie des DIW Berlin kommt zu dem Ergebnis, dass die in diesem Zusammenhang vielfach geäußerten Ängste vor den Risiken für Deutschland größtenteils unbegründet sind. Demzufolge ist Deutschland nicht - ...

    2013| Marcel Fratzscher, Philipp König, Claudia Lambert
  • DIW Wochenbericht 50 / 2013

    Zinskartelle, Währungskartelle... und was kommt noch? Kommentar

    2013| Dorothea Schäfer
  • Diskussionspapiere 1339 / 2013

    Fiscal Adjustment and Business Cycle Synchronization

    Using a panel of annual data for 20 countries we show that synchronized fiscal consolidation (stimulus) programmes in different countries make their business cycles more closely linked, especially in the case of fiscal adjustments lasting 2 or 3 years. We also find: (i) little evidence of decoupling when an inflation targeting regime is unilaterally adopted; (ii) an increase in business cycle synchronization ...

    2013| Luca Agnello, Guglielmo Maria Caporale, Ricardo M. Sousa
  • Diskussionspapiere 1304 / 2013

    On the International Spillovers of US Quantitative Easing

    The paper analyses the global spillovers of the Federal Reserve's unconventional monetary policy measures. First, we find that Fed measures in the early phase of the crisis (QE1), but not since 2010 (QE2), were highly effective in lowering sovereign yields and raising equity markets in the US and globally across 65 countries. Yet Fed policies functioned in a procyclical manner for capital flows to ...

    2013| Marcel Fratzscher, Marco Lo Duca, Roland Straub
  • Diskussionspapiere 1255 / 2012

    Persistence and Cycles in the US Federal Funds Rate

    This paper uses long-range dependence techniques to analyse two important features of the US Federal Funds effective rate, namely its persistence and cyclical behaviour. It examines annual, monthly, bi-weekly and weekly data, from 1954 until 2010. Two models are considered. One is based on an I(d) specification with AR(2) disturbances and the other on two fractional differencing structures, one at ...

    2012| Guglielmo Maria Caporale, Luis A. Gil-Alana
  • DIW Wochenbericht 33 / 2012

    Geldschwemme und die schleichende Zersplitterung des Euros: Von Tinas und Dicken Bertas: Kommentar

    2012| Ansgar Belke
  • Diskussionspapiere 1221 / 2012

    Monetary Commitment and Structural Reforms: A Dynamic Panel Analysis for Transition Economies

    This paper examines the contemporaneous relationship between the exchange rate regime and structural economic reforms for a sample of CEEC/CIS transition countries. We investigate empirically whether structural reforms are complements or substitutes for monetary commitment in the attempt to improve macroeconomic performance. Both EBRD and EFW data suggest a negative relationship between flexible exchange ...

    2012| Ansgar Belke, Lukas Vogel
  • Externe referierte Aufsätze

    Sovereign Risk Premiums in the European Government Bond Market

    This paper provides a study of bond yield differentials among EU government bonds on the basis of a unique data set of issue spreads in the US and DM (Euro) bond market between 1993 and 2009. Interest differentials between bonds issued by EU countries and Germany or the USA contain risk premiums which increase with fiscal imbalances and depend negatively on the issuer's relative bond market size. The ...

    In: Journal of International Money and Finance 31 (2012), 5, S. 975-995 | Kerstin Bernoth, Jürgen von Hagen, Ludger Schuknecht
  • Diskussionspapiere 1199 / 2012

    Effects of Global Liquidity on Commodity and Food Prices

    This paper investigates the relationship between global liquidity and commodity and food prices applying a global cointegrated vector-autoregressive model. We use different measures of global liquidity and various indices of commodity and food prices for the period 1980-2011. Our results support the hypothesis that there is a positive long-run relation between global liquidity and the development of ...

    2012| Ansgar Belke, Ingo G. Bordon, Ulrich Volz
  • Externe referierte Aufsätze

    Sovereign Bond Yield Spreads: A Time-Varying Coefficient Approach

    We study the determinants of sovereign bond yield spreads across 10 EMU countries between Q1/1999 and Q1/2010. We apply a semiparametric time-varying coefficient model to identify, to what extent an observed change in the yield spread is due to a shift in macroeconomic fundamentals or due to altering risk pricing. We find that at the beginning of EMU, the government debt level and the general investors' ...

    In: Journal of International Money and Finance 31 (2012), 3, S. 639-656 | Burcu Erdogan, Kerstin Bernoth
450 Ergebnisse, ab 441
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