-
Externe Monographien
Rising inflation complicates the alignment of the ECB’s policies with the Paris Agreement. This paper provides novel evidence for inflationary pressures arising from natural disasters. We then discuss the effectiveness of monetary instruments to boost a green transition, concluding that the scope of policy measures used thus far is limited. As additional measures, we advise active rebalancing of the ...
Bruxelles:
European Parliament,
2023,
23 S.
(Monetary Dialogue Papers ; November 2023)
| Sonja Dobkowitz, Pia Hüttl, Alexander Kriwoluzky, Jana Wittich
-
Vierteljahrshefte zur Wirtschaftsforschung 3 / 2023
Der Rückgang der Verwendung von Bargeld und das Aufkommen innovativer digitaler Zahlungssysteme haben die EZB wie viele andere Zentralbanken dazu veranlasst, die Einführung ihrer Währung in digitaler Form zu erwägen. Die technischen Probleme bei der Einführung eines digitalen Euro scheinen nicht unüberwindbar zu sein. Ein Thema, das jedoch weniger Beachtung gefunden hat, ist die Nachfrage nach einem ...
2023| Michael Frenkel
-
Externe Monographien
This dissertation collects empirical work in the field of fiscal and monetary policy, and their interaction. It comprises four chapters. In Chapter 1, I investigate the dynamic effects of tax changes on the cross-sectional distribution of disposable income in the US using a narrative identification approach. I distinguish between changes in personal and corporate income taxes and quantify the distributional ...
Berlin:
Freie Universität Berlin,
2023,
206 S.
| Stephanie Ettmeier
-
Diskussionspapiere 2056 / 2023
The distributional and disruptive effects of energy supply shocks are potentially large. We study the effectiveness of alternative fiscal responses in a two-country HANK model that we calibrate to the euro area. Energy subsidies can stabilize the domestic economy, but are fiscally costly and generate adverse spillovers to the rest of the monetary union: What the subsidizing country gains, the other ...
2023| Christian Bayer, Alexander Kriwoluzky, Gernot J. Müller, Fabian Seyrich
-
Refereed essays Web of Science
We develop a structural vector autoregressive framework that combines external instruments and heteroskedasticity for identification of monetary policy shocks. We show that exploiting both types of information sharpens structural inference, allows testing the relevance and exogeneity condition for instruments separately using likelihood ratio tests, and facilitates the economic interpretation of the ...
In:
Quantitative Economics
14 (2023), 1, S. 161-200
| Thore Schlaak, Malte Rieth, Maximilian Podstawski
-
Diskussionspapiere 2033 / 2023
This study examines whether central banks can combat inflation that is caused by rising energy prices. By using a high-frequency event study and a Structural Vector Autoregression, we find evidence that the European Central Bank (ECB) and the Federal Reserve (Fed) are capable of doing so by affecting domestic and global energy prices. This “energy-price channel” of monetary policy plays an important ...
2023| Gökhan Ider, Alexander Kriwoluzky, Frederik Kurcz, Ben Schumann
-
DIW Weekly Report 8 / 2023
Energy prices have risen sharply as a result of the coronavirus pandemic as well as the Russian attack on Ukraine in February 2022. The resulting consumer price inflation is forcing the European Central Bank (ECB) to act in accordance with its mandate. However, the ECB expresses doubts that it will be able to have an impact on the price increases. As this Weekly Report based on an analysis of structural ...
2023| Gökhan Ider, Alexander Kriwoluzky, Frederik Kurcz, Ben Schumann
-
DIW Weekly Report 29/30/31 / 2023
In the 24 years since its introduction, the euro has experienced a financial crisis, a government debt crisis, a global pandemic, and an energy crisis—and survived. Using a model focusing on households, this Weekly Report shows that the monetary union’s stability is rooted in the fact that the middle class neither gains nor loses significantly relative to an independent currency following business ...
2023| Christian Bayer, Alexander Kriwoluzky, Gernot Müller, Fabian Seyrich
-
Refereed essays Web of Science
Negative policy rates can convince markets that deposit rates will remain lower-for-longer, even when current deposit rates are constrained by zero. This is the signalling channel of negative interest rates. We analyse the optimality and effectiveness of negative rates in the context of this novel transmission channel. In a stylized model, we prove two necessary conditions for optimality: time-consistency ...
In:
Journal of Monetary Economics
138 (2023), S. 87-103
| Oliver de Groot, Alexander Haas
-
Refereed essays Web of Science
We construct a novel database of monthly foreign exchange interventions for 49 countries over up to 22 years. We build on a text classification approach that extracts information about interventions from news articles and calibrate our procedure to data about actual interventions. This new dataset allows us to document stylized facts about the use of foreign exchange interventions for countries that ...
In:
IMF Economic Review
71 (2023), 4, S. 852–884
| Marcel Fratzscher, Tobias Heidland, Lukas Menkhoff, Lucio Sarno, Maik Schmeling