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Research project

Bank lending under BASEL III: The contribution of unconventional monetary policy

Weekly Report

Policy Responses to Turkey’s Crisis: Independent Central Bank and International Credit

The presently tenuous situation in Turkey will worsen if the government does not take appropriate policy action. In view of foreign investors’ loss of confidence, the cost of external financing is likely to rise while consumption and investment

Statements

ECB monetary policy will for some time remain more expansionary than most in Germany expect

DIW president Marcel Fratzscher on the European Central Bank's latest announcements:

Statements

Monetary policy in the euro area will remain expansionary for a long time to come

Marcel Fratzscher, president of the German Institute for Economic Research (DIW Berlin), comments on the latest ECB council meeting as follows:

DIW Seminar on Macroeconomics and Financial Markets

Currency Manipulation

We propose a novel, risk-based transmission mechanism for the effects of currency manipulation: policies that systematically induce a country's currency to appreciate in bad times lower its risk premium in international markets and, as a result, ...

Statements

European Central Bank has to keep all its options open

Marcel Fratzscher, president of the German Institute for Economic Research (DIW Berlin), comments the latest ECB council meeting as follows:

Statements

ECB should not pre-commit itself to a particular policy path

Marcel Fratzscher, president of the German Institute for Economic Research (DIW Berlin), comments on the latest ECB council meeting as follows:

DIW Seminar on Macroeconomics and Financial Markets

When and Why Can Forward Guidance De-anchor Expectations? (with Gaetano Gaballo, Peter Hoffmann and Georg Strasser)

The form of forward guidance matters for its effectiveness in anchoring expectations about the future path of policy rates. We report cross-country evidence about the impact of different types of forward guidance on the reactiveness of markets to ...

DIW Seminar on Macroeconomics and Financial Markets

"News-driven inflation expectations and information rigidities"

We investigate the role played by the media in the expectations formation process of households. Using a novel news-topic-based approach we show that the news types the media choose to report on are good predictors of households' stated ination ...

DIW Seminar on Macroeconomics and Financial Markets

Monetary Policy Spillovers, Capital Controls and Exchange Rate Regimes, and the Financial Channel of Exchange Rates

We assess the empirical validity of the trilemma (or impossible trinity) in the 2000s for a large sample of advanced and emerging economies. To do so, we estimate Taylor-rule type monetary policy reaction functions, relating the local policy rate to ...