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508 Ergebnisse, ab 241
  • DIW Weekly Report 23 / 2020

    Identifying Effective Combinations of Economic Policy Measures for the Coronavirus Recession in Europe

    As the coronavirus pandemic spread across the globe in early 2020, the European Central Bank as well as national governments in the euro area enacted or announced numerous economic policy measures to counteract the severe economic consequences of the resulting lockdowns. In this paper, the immediate effect of the announcements on government bond and stock markets are estimated in a panel study. The ...

    2020| Kerstin Bernoth, Marius Clemens, Geraldine Dany-Knedlik, Stefan Gebauer
  • DIW Wochenbericht 23 / 2020

    Wirtschaftspolitische Maßnahmen gegen die Corona-Krise in Europa wirken vor allem im Zusammenspiel

    Im Zuge der Corona-Ausbreitung haben sowohl die Europäische Zentralbank als auch die nationalen Regierungen im Euroraum zahlreiche wirtschaftspolitische Maßnahmen ergriffen oder angekündigt, um die drastischen wirtschaftlichen Folgen des Lockdowns abzufedern. In einer Panelstudie werden deren unmittelbaren Wirkungen auf Staatsanleihe- und Aktienmärkte geschätzt. Die Ergebnisse zeigen, dass von den ...

    2020| Kerstin Bernoth, Marius Clemens, Geraldine Dany-Knedlik, Stefan Gebauer
  • DIW Wochenbericht 20 / 2020

    Finanzmärkte erwarten langanhaltende wirtschaftliche Auswirkungen der Corona-Pandemie in Europa

    Dass die Corona-Pandemie schwerwiegende Folgen für die europäische Wirtschaft haben wird, darüber sind sich Marktteilnehmer weitgehend einig. Schwierig ist jedoch vorherzusagen, wie lange diese Auswirkungen wirtschaftlich zu spüren sein werden. Die Erwartungen der Finanzmarktteilnehmer lassen sich an den Zinsstrukturkurven für Unternehmensanleihen ablesen, da sich in den Renditen die Risikoerwartungen ...

    2020| Stephanie Ettmeier, Chi Hyun Kim, Alexander Kriwoluzky
  • DIW Wochenbericht 20 / 2020

    Im Laufe der Corona-Pandemie sind die Zinsstrukturkurven aller Länder und Sektoren drastisch gestiegen: Interview

    2020| Chi Hyun Kim, Erich Wittenberg
  • Diskussionspapiere 1872 / 2020

    Active, or Passive? Revisiting the Role of Fiscal Policy in the Great Inflation

    We reexamine whether pre-Volcker U.S. fiscal policy was active or passive. To do so, we estimate a DSGE model with monetary and fiscal policy interactions employing a sequential Monte Carlo algorithm (SMC) for posterior evaluation. Unlike existing studies, we do not have to treat each policy regime as distinct, separately estimated, models. Rather, SMC enables us to estimate the DSGE model over its entire ...

    2020| Stephanie Ettmeier, Alexander Kriwoluzky
  • Diskussionspapiere 1873 / 2020

    The Macroeconomic Effects of a European Deposit (Re-) Insurance Scheme

    Recent proposals for a still missing European deposit insurance scheme (EDIS) argue in favor of a reinsurance framework. In this paper, we use a regime-switching open-economy DSGE model with bank default to assess the relative efficiency of such a scheme. We find that reinsurance by EDIS is more effective in stabilizing real activity, credit, and welfare than a national fiscal backstop. We demonstrate ...

    2020| Marius Clemens, Stefan Gebauer, Tobias König
  • DIW Weekly Report 19/20 / 2020

    Financial Market Participants Expect the Coronavirus Pandemic to Have Long-Lasting Economic Impact in Europe

    Market participants are generally in agreement that the coronavirus pandemic will have a severe impact on the European economy, but it is difficult to predict the length and extent of the pandemic’s effects. However, using the yield curves of corporate bonds, we can reach some preliminary conclusions about the impact of the pandemic. The expectations of financial market participants are revealed in ...

    2020| Stephanie Ettmeier, Chi Hyun Kim, Alexander Kriwoluzky
  • DIW Weekly Report 14 / 2020

    Price Stability and Climate Risks: Sensible Measures for the European Central Bank

    By the end of 2020, the European Central Bank (ECB) will present the results of its monetary policy strategy review. What changes are to be expected and what changes are needed? This report covers two areas of the strategy review. First, alternatives to the current definition of price stability are discussed. Current studies and the practices of other central banks indicate that supplementing the ...

    2020| Franziska Bremus, Geraldine Dany-Knedlik, Thore Schlaak
  • Diskussionspapiere 1860 / 2020

    The Financial Accelerator, Wages, and Optimal Monetary Policy

    I study the effects of labor market outcomes on firms' loan demand and credit intermediation. I first show in partial equilibrium that the presence of frictions in the banking sector lowers the capital factor demand elasticity to changes in real wages. This finding helps to connect the substitutability of labor and capital with credit conditions. Second, I use a new Keynesian banking model with an ...

    2020| Tobias König
  • Referierte Aufsätze Web of Science

    Inflation Expectations and the Recovery from the Great Depression in Germany

    A regime shift toward increased inflation expectations is credited with jump-starting the recov- ery from the Great Depression in the United States. What role did inflation expectations play in Germany that experienced a similarly successful economic upturn in the 1930s? We study infla- tion expectations in the German recovery across several methods: we conduct a narrative study of media sources; we estimate ...

    In: Explorations in Economic History 75 (2020), 101305, 18 S. | Volker Daniel, Lucas ter Steege
508 Ergebnisse, ab 241
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