Topic Monetary Policy

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562 results, from 1
  • Infographic

    ECB communications contain information that improves the forecasting of future monetary policy decisions

    16.04.2025
  • Infographic

    Bitcoin yield is not suitable as a substitute for gold

    28.02.2025
  • Refereed essays Web of Science

    Where Do They Care? The ECB in the Media and Inflation Expectations

    This paper examines how news coverage of the European Central Bank (ECB) affects consumer inflation expectations in the four largest euro area countries. Utilizing a unique dataset of multilingual European news articles, we measure the impact of ECB-related inflation news on inflation expectations. Our results indicate that German and Italian consumers are more attentive to this news, whereas in Spain ...

    In: Applied Economics Letters (2025), im Ersch. [Online first: 2023-12-13] | Vegard Høghaug Larsen, Nicolò Maffei-Faccioli, Laura Pagenhardt
  • Externe Monographien

    ECB Communication and Policy Responses: Being Effective in an Era of Disinflation and Economic Policy Uncertainty: In-Depth Analysis

    This briefing report evaluates the ECB's monetary policy in a context of declining inflation and stagnant growth. Inflation risks have been averted and, after a period of relatively tight policy in 2024, benchmark comparisons indicate that the current interest rate is consistent with the ECB's mandate. The prevailing economic and inflation outlook supports further rate cuts. However, the high level ...

    Bruxelles: European Parliament, 2025, 27 S.
    (Monetary Dialogue Papers ; March 2025)
    | Kerstin Bernoth
  • DIW Weekly Report 16/17 / 2025

    Analyzing ECB Communications Improves Forecasting of Interest Rate Decisions

    For central banks, official communications serve as essential monetary policy instruments: In press releases, speeches, and interviews, central banks explain their decisions, manage expectations, and promote confidence in their strategy. This Weekly Report analyzes European Central Bank (ECB) communications from January 2019 to March 2025 using a specially trained artificial intelligence (AI) text ...

    2025| Kerstin Bernoth
  • Diskussionspapiere 2109 / 2025

    Quantifying the Fiscal Channel of Monetary Policy

    In macroeconomic models featuring borrowing-constrained agents, the effects of monetary policy depend on the fiscal reaction to interest rate changes. This paper presents new evidence on the dynamic causal effects of U.S. monetary policy shocks on fiscal instruments and estimates a Heterogeneous Agent New Keynesian model with fiscal feedback rules to match the empirical results. I find that U.S. fiscal ...

    2025| Frederik Kurcz
  • DIW Weekly Report 9 / 2025

    Bitcoin Is Not the New Gold

    The price of cryptocurrency Bitcoin has risen sharply over the past ten years, with many investors adding Bitcoin to their portfolios, benefitting from price increases and diversifying their investments. But is Bitcoin suitable for this purpose? This Weekly Report examines the extent to which Bitcoin, like gold, can contribute to the diversification of an investment portfolio. To achieve this, we have ...

    2025| Alexander Kriwoluzky, Christoph Schneider
  • Diskussionspapiere 2107 / 2025

    Construction of a Narrative Instrument for Government Investment

    The article documents the construction of a narrative instrument for government investment, used in the paper ‘An Estimation and Decomposition of the Government Investment Multiplier’.

    2025| Marius Clemens, Claus Michelsen, Malte Rieth
  • Diskussionspapiere 2106 / 2025

    An Estimation and Decomposition of the Government Investment Multiplier

    We construct a narrative instrument for government investment from official records in Germany. Using structural vector autoregressions, we document a significant crowding-in of private investment and an output multiplier of roughly 2. Then, we match a New Keynesian dynamic stochastic general equilibrium model to the empirical responses, and we decompose the multiplier into three channels. Public investment ...

    2025| Marius Clemens, Claus Michelsen, Malte Rieth
  • Refereed essays Web of Science

    Euro Area Inflation Differentials: The Role of Fiscal Policies Revisited

    In: Empirical Economics (2025), im Ersch. [online first: 2024-09-04] | Cristina Checherita-Westphal, Nadine Leiner-Killinger, Teresa Schildmann
562 results, from 1
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