DIW Berlin: Thema Geldpolitik

Thema Geldpolitik

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257 Ergebnisse, ab 231
Diskussionspapiere 1382 / 2014

Unconventional Monetary Policy and Money Demand

This paper investigates the usefulness of the money demand relationship in times of unconventional monetary policies by cointegration methods. In contrast to the bulk of the literature, evidence in favour of a stable long run money demand function is presented both for the US and the euro area. Results are based on standard monetary aggregates, i.e. MZM for the US and M3 in case of the euro area.

2014| Christian Dreger, Jürgen Wolters
Diskussionspapiere 1395 / 2014

Long Memory in UK Real GDP, 1851-2013: An ARFIMA-FIGARCH Analysis

This paper analyses the long-memory properties of both the conditional mean and variance of UK real GDP over the period 1851-2013 by estimating a multivariate ARFIMA-FIGARCH model (with the unemployment rate and inflation as explanatory variables). The results suggest that this series is non-stationary and non-mean-reverting, the null hypotheses of I(0), I(1) and I(2) being rejected in favour of

2014| Guglielmo Maria Caporale, Marinko Skare
DIW Economic Bulletin 5 / 2014

Weak Inflation and Threat of Deflation in the Euro Area: Limits of Conventional Monetary Policy

Inflation in the euro area has been below the European Central Bank's target for almost a year now and it is also expected to remain at a very low level in the near future. On the one hand, such a low level of inflation is not in line with the ECB's objective. On the other hand, there is the risk that this situation will lead to a slide into deflation. In view of the ECB's historically low policy

2014| Kerstin Bernoth, Marcel Fratzscher, Philipp König
Monographien

Sovereign Risk, Interbank Freezes, and Aggregate Fluctuations

This paper studies the bank-sovereign link in a dynamic stochastic general equilibrium set-up with strategic default on public debt. Heterogeneous banks give rise to an interbank market where government bonds are used as collateral. A default penalty arises from a breakdown of interbank intermediation that induces a credit crunch. Government borrowing under limited commitment is costly ex ante as

Berlin: Freie Univ. Berlin, FB Wirtschaftswiss., 2014, 56 S.
(Discussion Paper / School of Business & Economics ; 2014,35)
| Philipp Engler, Christoph Große Steffen
Monographien

On the Relationship between Public and Private Investment in the Euro Area

This paper explores the long run relationship between public and private investment in the euro area in terms of capital stocks and gross investment flows. Panel techniques accounting for international spillovers are employed. While private and public capital stocks are cointegrated, the evidence is quite fragile for public and private investment flows. They enter a long run relationship only

Bonn: IZA, 2014, 18 S.
(Discussion Paper Series / Forschungsinstitut zur Zukunft der Arbeit ; 8002)
| Christian Dreger, Hans-Eggert Reimers
DIW Wochenbericht 37 / 2014

Inflationserwartungen im Euroraum sind nicht mehr fest verankert: neue Maßnahmen der EZB-Geldpolitik

Obwohl die Europäische Zentralbank (EZB) seit Jahren einen expansiv ausgerichteten geldpolitischen Kurs verfolgt, ist die Preisentwicklung im Euroraum nach wie vor äußerst schwach. Mehr noch: Wie der vorliegende Wochenbericht deutlich zeigt, sind die Inflationserwartungen im Euroraum nicht mehr ausreichend verankert. Sie entkoppeln sich zunehmend vom Inflationsziel der EZB. Damit steigt auch das A

2014| Kerstin Bernoth, Marcel Fratzscher, Philipp König, Klara Rabe
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
Externe referierte Aufsätze

Basil J. Moore's Horizontalists and Verticalists: An Appraisal 25 Years Later

In 1988 Basil Moore published his book Horizontalists and Verticalists: The Macroeconomics of Credit Money, which this year celebrates its 25th birthday. We discuss this book from today's perspective, and in particular whether Moore's main assertions have been validated or rejected by the development of central bank practice and academic monetary economics. We find that the book has impressively

In: Review of Keynesian Economics 1 (2013), 4, S. 383-390 | Ulrich Bindseil, Philipp König
Diskussionspapiere 1288 / 2013

The PPP Hypothesis Revisited: Evidence Using a Multivariate Long-Memory Model

This paper examines the PPP hypothesis analysing the behaviour of the real exchange rates vis-à-vis the US dollar for four major currencies (namely, the Canadian dollar, the euro, the Japanese yen and the British pound). An innovative approach based on fractional integration in a multivariate context is applied to annual data from 1970 to 2011. Long memory is found to characterise the Canadian

2013| Guglielmo Maria Caporale, Luis A. Gil-Alana, Yuliya Lovcha
Vierteljahrshefte zur Wirtschaftsforschung 4 / 2013

Nachhaltige europäische Konsolidierungspolitik - Chancen und Herausforderungen: Editorial

2013| Dorothea Schäfer, Willi Semmler, Brigitte Young
257 Ergebnisse, ab 231