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Thema Geldpolitik

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489 Ergebnisse, ab 481
  • DIW Economic Bulletin 11/12 / 2013

    TARGET Balances - An Anchor of Stability

    The debate about TARGET2, the payment system of the European System of Central Banks (ESCB), has resulted in controversial discussions in Germany in recent years. The present study by DIW Berlin concludes that fears often expressed in this context of the risks to Germany are largely unfounded. Germany is - in contrast to what is often claimed - one the beneficiaries of the Target system. In particular, ...

    2013| Marcel Fratzscher, Philipp König, Claudia Lambert
  • DIW Economic Bulletin 11/12 / 2013

    Settling TARGET Balances after the Euro Crisis: Seven Questions to Claudia Lambert and Philipp König

  • 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
  • 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
  • Referierte Aufsätze Web of Science

    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
  • Referierte Aufsätze Web of Science

    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
  • 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
489 Ergebnisse, ab 481