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Thema Geldpolitik

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510 Ergebnisse, ab 461
  • Diskussionspapiere 1496 / 2015

    The Real-Time Predictive Content of Asset Price Bubbles for Macro Forecasts

    This paper contributes to the debate of whether central banks can "lean against the wind" of emerging stock or house price bubbles. Against this background, the paper evaluates if new advances in real-time bubble detection, as brought forward by Phillips et al. (2011), can timely detect bubble emergences and collapses. Building on simulations, the paper shows that the detection capabilities of all ...

    2015| Benjamin Beckers
  • DIW Wochenbericht 27 / 2015

    Über die Krise zur Einheit? 25 Jahre monetärer Integrationsprozess in Europa

    Am 1. Juli 1990 wurde mit dem Wegfall der Kapitalverkehrskontrollen in der Europäischen Wirtschaftsgemeinschaft die erste Stufe auf dem Weg zum Euro genommen. Der Weg dorthin war auch durch einen Kompromiss zwischen zwei Denkschulen gekennzeichnet – derjenigen, die davon ausging, dass der Schaffung der Zentralbank die weitergehende ökonomische Konvergenz und politische Integration folgen würde, und ...

    2015| Ferdinand Fichtner, Philipp König
  • DIW Economic Bulletin 27 / 2015

    A Stronger Union through Crisis? 25 Years of Monetary Integration in Europe

    On July 1, 1990, when capital controls in the European Economic Community were removed, the path was paved for the introduction of the euro. This path was marked by a compromise between two schools of thought—those who assumed that the creation of the European Central Bank would be followed by greater economic convergence and political integration, and those who saw the single currency as the coronation ...

    2015| Ferdinand Fichtner, Philipp König
  • DIW Berlin - Politikberatung kompakt 99 / 2015

    Quantitative Easing - What Are the Side Effects on Income and Wealth Distribution: In-Depth Analysis

    2015| Kerstin Bernoth, Philipp J. König, Benjamin Beckers, Caterina Forti Grazzini
  • Externe Monographien

    Floating with a Load of FX Debt?

    Countries with de jure floating exchange rate regimes are often reluctant to allow their currencies to float freely in practice. One reason why countries may wish to limit exchange rate volatility is potential negative balance sheet effects due to currency mismatches on the balance sheets of firms and households. In this paper, we show in a sample of 15 emerging market economies that countries with ...

    Washington D.C.: IMF, 2015, 35 S.
    (IMF Working Paper ; 15/284)
    | Tatsiana Kliatskova, Uffe Mikkelsen
  • Referierte Aufsätze Web of Science

    Understanding the Great Recession

    We argue that the vast bulk of movements in aggregate real economic activity during the Great Recession were due to financial frictions. We reach this conclusion by looking through the lens of an estimated New Keynesian model in which firms face moderate degrees of price rigidities, no nominal rigidities in wages, and a binding zero lower bound constraint on the nominal interest rate. Our model does ...

    In: American Economic Journal: Macroeconomics 7 (2015), 1, S. 110-167 | Lawrence J. Christiano, Martin S. Eichenbaum, Mathias Trabandt
  • 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 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 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
510 Ergebnisse, ab 461