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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
DIW Wochenbericht 48 / 2020

Großmachtfantasien und der tiefe Fall einer Währung: Kommentar

2020| Alexander Kriwoluzky
Monographien

Essays in Macroeconomics

This dissertation consists of three essays that investigate the effects and transmission mechanisms of monetary policy to the macroeconomy, and the role of financial frictions in modeling the business cycle. The first essay focuses on the question of how to include financial sector dynamics into macroeconomic models in order to improve their efficacy for macroeconomic policy analysis. We augment a ...

Berlin: Freie Univ. Berlin, FB Wirtschaftswiss., 2020, XXVIII, 167, XL S. | Martin Ignacio Harding Affeld
Diskussionspapiere 1906 / 2020

Exchange Rates and the Information Channel of Monetary Policy

We disentangle the effects of monetary policy announcements on real economic variables into an interest rate shock component and a central bank information shock component. We identify both components using changes in interest rate futures and in exchange rates around monetary policy announcements. While the volatility of interest rate surprises declines around the Great Recession, the volatility of ...

2020| Oliver Holtemöller, Alexander Kriwoluzky, Boreum Kwak
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
Schumpeter BSE Macro Seminar

The Real Effects of Distressed Bank Mergers

28.01.2020| Valeriya Dinger, Universität Osnabrück
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
Schumpeter BSE Macro Seminar

Sentimental Business Cycles

04.02.2020| Evi Pappa, Universidad Carlos III Madrid
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