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Diskussionspapiere 1606 / 2016
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
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Diskussionspapiere 1605 / 2016
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
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DIW Wochenbericht 14 / 2016
Erstmals seit fast zehn Jahren hat die US-Notenbank Fed Ende 2015 die Leitzinsen erhöht - ein erster Schritt auf dem Weg zu einer Normalisierung der Geldpolitik, die seit Beginn der Finanzkrise sehr expansiv ausgerichtet ist. Im Vorfeld wurde befürchtet, dass die Zinswende erhebliche Auswirkungen auf die Schwellenländer haben könnte, da mit einem Anstieg der Zinsen in den USA Kapital dorthin abfließen ...
2016| Christoph Große Steffen
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DIW Wochenbericht 14 / 2016
2016
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DIW Economic Bulletin 14 / 2016
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
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DIW Economic Bulletin 14 / 2016
2016
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Diskussionspapiere 1559 / 2016
This paper uses a structural VAR model to study the effect of monetary policy on the delinquency rate of business loans and consumer credit. The VAR is identified using at the same time several external instruments, which cover different approaches from the literature. Delinquency rates, defined as the rate of loans whose repayment is overdue for more than a month relative to total loans, are found ...
2016| Michele Piffer
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DIW Berlin - Politikberatung kompakt 107 / 2016
2016| Kerstin Bernoth, Philipp J. König
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Weitere externe Aufsätze
In:
Gabriel Felbermayr, Meinhard Knoche, Ludger Wößmann (Hrsg.) ,
Hans-Werner Sinn und 25 Jahre deutsche Wirtschaftspolitik
München: Hanser
S. 198-199
| Marcel Fratzscher
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Referierte Aufsätze Web of Science
The actions by the European Central Bank (ECB) during the global and European crises have triggered a highly controversial debate, in particular in Germany, about the costs and benefits of the chosen policy path. The article reviews, compares, and evaluates the different arguments made in favor and against ECB policies around three key dimensions—the link of the policy path to price stability, financial ...
In:
CESifo Economic Studies
62 (2016), 1, S. 68-87
| Marcel Fratzscher