As well as implementing the common monetary policy, the national central banks (NCBs) which, together with the European Central Bank (ECB) form the Eurosystem, are also responsible for performing a range of national tasks. Among other things, these include the management of their financial assets portfolios. To ensure that this function does not interfere with the implementation of the single monetary ...
The global economy is stalling. Global production increased by only 3.3 percent last year—the lowest growth rate since the financial crisis—and is expected to rise by only 3.3 percent in 2016 as well, which is lower than originally predicted. The reason for the sluggish growth lies primarily in the changes taking place in the emerging countries: the Chinese economy continues to lose momentum, and low ...
The European Central Bank has engaged in a wide range of nonstandard monetary policy measures since 2007. Each new tool was accompanied by an intense public debate on its effectiveness. This study evaluates the average effect of these measures on the macro-economy. The estimates show that unexpected changes in monetary policy that lower euro-area sovereign bond yields lead to a significant rise in ...
In the debate on monetary policy decisions, to date, little attention has been paid to distributional effects. One reason for this is that they are not included in the mandate of the European Central Bank (ECB). Given the loose monetary policy stance in the euro area and the large-scale program to purchase government and corporate bonds launched in January 2015, the question increasingly being asked ...
The German economy is expected to grow by 1.7 percent this year, and to maintain this pace in 2016 as well. The rate of growth should slow down slightly (to 1.5 percent) in 2017, but only because the number of working days will be lower due to the timing of public holidays. The global economy is growing at a slower pace than it has been in recent years, but will pick up speed during the forecast period. ...
The debate about the massive influx of refugees into Germany often focuses solely on the short-term costs. But while these expenditures are bound to be substantial inthe coming years, the discussion neglects the long-term economic potential of a successful integration of refugees—often, young people—which can transform the initial expenditure into a worthwhile investment. Even if many of the refugees’ ...
