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Monographien

Public or Private? The Future of Money: In-Depth Analysis

Stablecoins issued by large tech companies pose a significant challenge for traditional fiat money. In this study, we highlight the importance of a public-private-cooperation in dealing with this topic, where central banks closely work with stablecoin issuers in issuing synthetic central bank digital currency (sCBDC). This framework minimizes the risks of private money and utilises the technological ...

Bruxelles: European Parliament, 2019, 23 S.
(Monetary Dialogue Papers)
| Chi Hyun Kim, Alexander Kriwoluzky
Forschungsprojekt

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 policy announcement days. We estimate then the effect of monetary policy shocks on the number of reforms and investigate whether the effect is stronger...

Aktuelles Projekt| Makroökonomie
Diskussionspapiere 1792 / 2019

Exchange Rates, Foreign Currency Exposure and Sovereign Risk

We quantify the causal link between exchange rate movements and sovereign risk of 16 major emerging market economies (EMEs) by means of structural vector autoregressive models (SVARs) using data from 10/2004 through 12/2016. We apply a novel data based identification approach of the structural shocks that allows to account for the complex interrelations within the triad of exchange rates, sovereign ...

2019| Kerstin Bernoth, Helmut Herwartz
Diskussionspapiere 1854 / 2020

The Dynamic Impact of FX Interventions on Financial Markets

Evidence on the effectiveness of FX interventions is either limited to short horizons or hampered by debatable identification. We address these limitations by identifying a structural vector autoregressive model for the daily frequency with an external instrument. Generally, we find, for freely floating currencies, that FX intervention shocks significantly affect exchange rates and that this impact ...

2020| Lukas Menkhoff, Malte Rieth, Tobias Stöhr
Zeitungs- und Blogbeiträge

Höhere Zinsen sind möglich

In: Die Zeit (23.08.2019), [Online-Artikel] | Marcel Fratzscher
DIW Wochenbericht 28 / 2020

Wirecard: Mehr Sein als Schein muss wieder in Mode kommen: Kommentar

2020| Dorothea Schäfer
DIW aktuell

9.4.2020
Geldpolitische Maßnahmen der EZB und der Fed gegen die Corona-Krise wirken wenig

Um die Auswirkungen der Corona-Krise abzufedern, haben die Zentralbanken weitreichende geldpolitische Maßnahmen ergriffen. Die US-amerikanische Federal Reserve hat ihre Zinsen gesenkt und ebenso wie die Europäische Zentralbank ihre Anleihekaufprogramme ausgeweitet. Fraglich ist, ob diese Maßnahmen den gewünschten Effekt haben, also die Märkte beruhigen und die...

09.04.2020| Kerstin Bernoth, Geraldine Dany-Knedlik, Anna Gibert
DIW aktuell

ECB and Fed monetary policy measures against the economic effects of the coronavirus pandemic have little effect

To cushion the economic effects of the coronavirus pandemic, central banks have taken far-reaching monetary policy measures. The US Federal Reserve has lowered its interest rates and, like the European Central Bank, has expanded its bond purchase programs. However, it is questionable whether these measures are having the desired effect of calming the markets and supporting the real economy. It is...

27.04.2020| Kerstin Bernoth, Geraldine Dany-Knedlik, Anna Gibert
Externe referierte Aufsätze

The Impact of ECB Policy on Structural Reforms

We estimate the impact of monetary policy on structural reform adoption in the euro area. We identify exogenous ECB policy changes through an event study that extracts the unexpected variation in euro area interest rates on policy announcement days. We find that surprise monetary expansions increase the number of reforms significantly and that the effect is stronger for countries with weaker macroeconomic ...

In: European Economic Review 122 (2020), 103361, 20 S. | Malte Rieth, Jana Wittlich
Schumpeter BSE Macro Seminar

Sudden Stops and Reserve Accumulation in the Presence of International Liquidity Risk

11.02.2020| Leopold Zessner-Spitzenberg, Vienna Graduate School of Economics
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