Thema Geldpolitik

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557 Ergebnisse, ab 81
  • Zeitungs- und Blogbeiträge

    Höhere Zinsen sind Gift für den grünen Wandel

    In: Handelsblatt (08.08.2023), S. 14 | Alexander Kriwoluzky, Ulrich Volz
  • DIW Wochenbericht 33 / 2023

    Höhere Zinsen sind Gift für grünen Wandel der Wirtschaft: Kommentar

    2023| Alexander Kriwoluzky, Ulrich Volz
  • DIW Weekly Report 29/30/31 / 2023

    Despite Crises, the Stability of the Euro Is Rooted in the Middle Class

    In the 24 years since its introduction, the euro has experienced a financial crisis, a government debt crisis, a global pandemic, and an energy crisis—and survived. Using a model focusing on households, this Weekly Report shows that the monetary union’s stability is rooted in the fact that the middle class neither gains nor loses significantly relative to an independent currency following business ...

    2023| Christian Bayer, Alexander Kriwoluzky, Gernot Müller, Fabian Seyrich
  • Diskussionspapiere 2044 / 2023

    A HANK2 Model of Monetary Unions

    How does a monetary union alter the impact of business cycle shocks at the household level? We develop a Heterogeneous Agent New Keynesian model of two countries (HANK2) and show in closed form that a monetary union shifts the adjustment to a shock horizontally—across countries—within the brackets of the union-wide wealth distribution rather than vertically—that is, across the brackets of the union-wide ...

    2023| Christian Bayer, Alexander Kriwoluzky, Gernot J. Müller, Fabian Seyrich
  • Referierte Aufsätze Web of Science

    The Signalling Channel of Negative Interest Rates

    Negative policy rates can convince markets that deposit rates will remain lower-for-longer, even when current deposit rates are constrained by zero. This is the signalling channel of negative interest rates. We analyse the optimality and effectiveness of negative rates in the context of this novel transmission channel. In a stylized model, we prove two necessary conditions for optimality: time-consistency ...

    In: Journal of Monetary Economics 138 (2023), S. 87-103 | Oliver de Groot, Alexander Haas
  • Referierte Aufsätze Web of Science

    Selective Bond Purchases – May the ECB Chose Winners and Losers?

    The European Central Bank (ECB) is currently facing major challenges. Fragmentation of government bond yields across Member States of the European Economic and Monetary Union, based on different economic and fiscal policies, hampers a uniform transmission of monetary policy. At the same time, climate-related financial risks need to be addressed. In recent years, the ECB is meeting these challenges ...

    In: The Economists' Voice 20 (2023), 1, S. 111-118 | Kerstin Bernoth, Sara Dietz
  • DIW Wochenbericht 29 / 2023

    Für die Mittelschicht ist es fast egal, ob man in einer Währungsunion ist oder nicht: Interview

    2023| Fabian Seyrich, Erich Wittenberg
  • Diskussionspapiere 2037 / 2023

    The Impacts of Global Risk and US Monetary Policy on US Dollar Exchange Rates and Excess Currency Returns

    We examine the causal relationship between US monetary policy shocks, exchange rates and currency excess returns for a sample of eight advanced countries over the period 1980M1 to 2022M11. We find that the dynamics of the US dollar exchange rate is the main driver of currency excess returns. The exchange rate is significantly affected by US monetary policy shocks, where the persistence of this shock ...

    2023| Kerstin Bernoth, Helmut Herwartz, Lasse Trienens
  • Zeitungs- und Blogbeiträge

    Schattenseiten der Zinswende: welche Folgen drohen den Entwicklungsländern?

    In: Der Tagesspiegel (19.04.2023), S. 32 | Niels Annen, Yabibas Walle, Alexander Kriwoluzky
  • Diskussionspapiere 2033 / 2023

    The Energy-Price Channel of (European) Monetary Policy

    This study examines whether central banks can combat inflation that is caused by rising energy prices. By using a high-frequency event study and a Structural Vector Autoregression, we find evidence that the European Central Bank (ECB) and the Federal Reserve (Fed) are capable of doing so by affecting domestic and global energy prices. This “energy-price channel” of monetary policy plays an important ...

    2023| Gökhan Ider, Alexander Kriwoluzky, Frederik Kurcz, Ben Schumann
557 Ergebnisse, ab 81
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