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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 ...

19.09.2018| Alexander Kriwoluzky, Malte Rieth

Floating with a Load of FX Debt?

Countries with de jure floating exchange rate regimes are often reluctant to allow their currencies to float freely in practice. One reason why countries may wish to limit exchange rate volatility is potential negative balance sheet effects due to ..

Washington D.C.: IMF, 2015, 35 S.
(IMF Working Paper ; 15/284)
| Tatsiana Kliatskova, Uffe Mikkelsen
Diskussionspapiere 1721 / 2018

Inflation Targeting as a Shock Absorber

We study the characteristics of inflation targeting as a shock absorber, using quarterly data for a large panel of countries. To overcome an endogeneity problem between monetary regimes and the likelihood of crises, we propose to study large natural

2018| Marcel Fratzscher, Christoph Grosse Steffen, Malte Rieth
Zeitungs- und Blogbeiträge

Foreign Exchange Interventions: Frequent and Effective

In: VoxEU.org (30.06.2016), [Online-Artikel] | Marcel Fratzscher, Lukas Menkhoff, Lucio Sarno, Tobias Stöhr
Externe referierte Aufsätze

When Is Foreign Exchange Intervention Effective? Evidence from 33 Countries

This paper examines foreign exchange intervention based on novel daily data covering 33 countries from 1995 to 2011. We find that intervention is widely used and an effective policy tool, with a success rate in excess of 80 percent under some ...

In: American Economic Journal: Macroeconomics 11 (2019), 1, S. 132-156 | Marcel Fratzscher, Oliver Gloede, Lukas Menkhoff, Lucio Sarno, Tobias Stöhr
DIW Roundup 128 / 2019

Measuring the Effect of Foreign Exchange Intervention Policies on Exchange Rates

Central bank intervention in foreign exchange markets is a common tool to influence exchange rates. Although central bankers are convinced of their policy’s effectiveness, econometric estimates of precise effects differ across studies. The ...

2019| Lukas Boer
Research Project

The Impact of Monetary Policy on Structural Reforms in the Euro Area

The aim of this project is to estimate the impact of monetary policy on structural reforms in the euro area. We first identify exogenous ECB policy changes through an event study that extracts the unexpected variation in euro area interest rates on ...

Current Project| Macroeconomics

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:

07.03.2019| Marcel Fratzscher
Externe referierte Aufsätze

The Role of the Exchange Rate in Canadian Monetary Policy: Evidence from a TVP-BVAR Model

A time-varying parameters Bayesian structural vector autoregression (TVP-BVAR) model with stochastic volatility is employed to characterize the monetary policy stance of the Bank of Canada (BoC) in terms of an interest rate rule linking the policy ..

In: Empirical Economics 55 (2018), 2, S. 471-494 | T. Philipp Dybowski, Max Hanisch, Bernd Kempa
354 results, from 1