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Topic Monetary Policy

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305 results, from 1
  • Infographic

    WR40-41-42-2024-geldpolitik-Infografik_highres.jpg

    17.10.2024
  • Infographic

    Debt crises and debt cuts

    07.02.2024
  • Diskussionspapiere 2080 / 2024

    Bad Luck or Bad Decisions? Macroeconomic Implications of Persistent Heterogeneity in Cognitive Skills and Overconfidence

    Business cycle models often abstract from persistent household heterogeneity, despite its potentially significant implications for macroeconomic fluctuations and policy. We show empirically that the likelihood of being persistently financially constrained decreases with cognitive skills and increases with overconfidence thereon. Guided by this and other micro evidence, we add persistent heterogeneity ...

    2024| Oliver Pfäuti, Fabian Seyrich, Jonathan Zinman
  • Diskussionspapiere 2075 / 2024

    Financial Repression in General Equilibrium: The Case of the United States, 1948–1974

    Financial repression lowers the return on government debt and contributes, all else equal, towards its liquidation. However, its full effect on the debt-to-GDP ratio hinges on how repression impacts the economy at large because it alters investment and saving decisions. We develop and estimate a New Keynesian model with financial repression. Based on U.S. data for the period 1948–1974, we find, consistent ...

    2024| Martin Kliem, Alexander Kriwoluzky, Gernot J. Müller, Alexander Scheer
  • Refereed essays Web of Science

    Is Interest Rate Hiking a Recipe for Missing Several Goals of Monetary Policy—Beating Inflation, Preserving Financial Stability, and Keeping up Output Growth?

    levelsof all goods in the US and Europe rose surprisingly quickly and persistently. TheFED began in March 2022 and the ECB in July 2022 with historically unique interestrate increases to combat the wage-price spiral that had not yet begun. In this article weshow that energy, commodities and food were the main drivers of inflation. For this reason,central banks’ goal of weakening demand for labor through ...

    In: Eurasian Economic Review (2024), im Ersch. [online first: 2024-03-05] | Dorothea Schäfer, Willi Semmler
  • DIW Weekly Report 10/11 / 2024

    DIW Berlin Economic Outlook: Global Economy Experiencing Robust Growth; Germany’s Recovery Is Delayed Further

    The German economy will likely contract in the first quarter of 2024 due to still heightened inflation and weak demand, which was already weighing on German economic output in 2023. Inflation, which is falling in both Germany and the euro area overall, is expected to return close to the European Central Bank's two-percent target, suggesting that a turnaround in interest rates can be expected in early ...

    2024| Timm Bönke, Guido Baldi, Hella Engerer, Pia Hüttl, Konstantin A. Kholodilin, Frederik Kurcz, Violetta Kuzmova-Anand, Theresa Neef, Laura Pagenhardt, Werner Roeger, Marie Rullière, Jan-Christopher Scherer, Teresa Schildmann, Ruben Staffa, Kristin Trautmann
  • Refereed essays Web of Science

    Global Risk and the Dollar

    The dollar is a safe-haven currency and appreciates when global risk goes up. We investigate the dollar’s role for the transmission of global risk to the world economy within a Bayesian proxy structural vector autoregressive model. We identify global risk shocks using high-frequency asset-price surprises around narratively selected events. Global risk shocks appreciate the dollar, induce tighter global ...

    In: Journal of Monetary Economics 144 (2024), 103549, 12 S. | Georgios Georgiadis, Gernot J. Müller, Ben Schumann
  • 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 (2024), im Ersch. [Online first: 2023-12-13] | Vegard Høghaug Larsen, Nicolò Maffei-Faccioli, Laura Pagenhardt
  • Diskussionspapiere 2089 / 2024

    Friend, Not Foe - Energy Prices and European Monetary Policy

    This paper first shows that, contrary to conventional wisdom, the European Central Bank (ECB) can influence global energy prices. Second, through Lucas critique-robust counterfactual analysis, we uncover that the ECB’s ability to affect fast-moving energy prices plays an important role in the transmission of monetary policy. Third, we empirically document that, to optimally fulfill its primary mandate, ...

    2024| Gökhan Ider, Alexander Kriwoluzky, Frederik Kurcz, Ben Schumann
  • DIW Weekly Report 24/25/26 / 2024

    DIW Berlin Economic Outlook: Global Economy Recovering Swiftly; German Economy Gaining Momentum

    The German economy began recovering at the beginning of 2024 and has developed better than initially expected. A sharp rise in construction investment, albeit more of a flash in the pan as a result of mild winter weather, along with strong goods exports helped the economy onto its recov¬ery path and masked the disappointing development of private consumption, which sank unexpectedly. However, consumer ...

    2024| Geraldine Dany-Knedlik, Guido Baldi, Nina Maria Brehl, Hella Engerer, Angelina Hackmann, Pia Hüttl, Konstantin A. Kholodilin, Frederik Kurcz, Laura Pagenhardt, Marie Rullière, Jan-Christopher Scherer, Teresa Schildmann, Ruben Staffa, Kristin Trautmann
305 results, from 1
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