Thema Geldpolitik

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342 Ergebnisse, ab 331
Vierteljahrshefte zur Wirtschaftsforschung 4 / 2013

Nachhaltige europäische Konsolidierungspolitik - Chancen und Herausforderungen: Editorial

2013| Dorothea Schäfer, Willi Semmler, Brigitte Young
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 stood ...

In: Review of Keynesian Economics 1 (2013), 4, S. 383-390 | Ulrich Bindseil, 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 50 / 2013

Zinskartelle, Währungskartelle... und was kommt noch? Kommentar

2013| Dorothea Schäfer
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
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
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
Externe referierte Aufsätze

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
342 Ergebnisse, ab 331
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