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Externe referierte Aufsätze

Unconventional Monetary Policy, Fiscal Side Effects, and Euro Area (Im)balances

We study the macroeconomic effects of unconventional monetary policy in the euro area using structural vector autoregressions, identified with external instruments. The instruments are based on the common unexpected variation in euro area sovereign yields for different maturities on policy announcement days. We first show that expansionary monetary surprises are effective at lowering public and

In: Journal of the European Economic Association 18 (2020), 1, S. 202-231 | Michael Hachula, Michele Piffer, Malte Rieth
Audio

DIW Lecture on Money and Finance: Monetary Policy in the Modern Era

26.02.2020| Veranstaltungsrückblick
Seminar Series on Research in Development Economics

DENeB - 6th PhD Workshop

22.11.2019
Vierteljahrshefte zur Wirtschaftsforschung 4 / 2018

European Banking Landscape between Diversity, Competition and Concentration

2018| Hans-Helmut Kotz, Dorothea Schäfer
Blog Marcel Fratzscher

Lagarde’s ECB Must Modernize

Lagarde’s ECB Must Modernize As the nominee to succeed European Central Bank President Mario Draghi in November, Christine Lagarde may be hoping that her job will be somewhat easier than that of her predecessor. Yet the opposite is likely to be true. Though Draghi was tasked with guiding the ECB through years of crises, Lagarde will have to pursue eurozone reforms at a time of deepening

05.08.2019| Marcel Fratzscher
Diskussionspapiere 1806 / 2019

Monetary Policy and Household Deleveraging

This study investigates the interrelation between the household leverage cycle, collateral constraints, and monetary policy. Using data on the U.S. economy, we find that a contractionary monetary policy shock leads to a large and significant fall in economic activity during periods of household deleveraging. In contrast, monetary policy shocks only have insignificant effects during a household

2019| Martin Harding, Mathias Klein
DIW Weekly Report 20/21 / 2019

20 Years of Common European Monetary Policy: Reasons to Celebrate

Twenty years after the introduction of the euro, this Weekly Report uses an empirical analysis to assess the performance of monetary policy in the EMU founding states. It is often claimed that the monetary policy of the European Central Bank (ECB) cannot outperform its national predecessors, as the euro area countries experience different business cycles yet share a common interest rate. However,

2019| Jan Philipp Fritsche, Patrick Christian Harms
Externe referierte Aufsätze

Austerity, Inequality, and Private Debt Overhang

Using panel data of 17 OECD countries for 1980–2011, we find that the distributional consequences of fiscal consolidations depend significantly on the level of private indebtedness. Austerity leads to a strong and persistent increase in income inequality during periods of private debt overhang. In contrast, there are no discernible distributional effects when private debt is low. This result is

In: European Journal of Political Economy 57 (2019), S. 89-106 | Mathias Klein, Roland Winkler
Diskussionspapiere 1796 / 2019

Bayesian Structural VAR Models: A New Approach for Prior Beliefs on Impulse Responses

Structural VAR models are frequently identified using sign restrictions on contemporaneous impulse responses. We develop a methodology that can handle a set of prior distributions that is much larger than the one currently allowed for by traditional methods. We then develop an importance sampler that explores the posterior distribution just as conveniently as with traditional approaches. This

2019| Martin Bruns, Michele Piffer
Workshop

1st annual Workshop for Women in Macroeconomics, Finance, and Economic History

The 1st annual Workshop for Women in Macroeconomics, Finance and Economic History is being organized by the DIW Berlin. The aim is to bring together female academic researchers and practitioners to promote and exchange ideas in the field of Macroeconomics, Finance, and Economic History. We invite both empirical and theoretical contributions, including, but not limited to macroeconomic and

17.06.2019| Raffaela Giacomini
372 results, from 51