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Seminar

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 real-time forecasts of domestic fundamentals, global variables, as well as the base-country policy rate. In the regressions, we explore variations in...

Zeitungs- und Blogbeiträge

EIn paar Nullen weniger ändern an der Inflation Venezuelas gar nichts

Bericht

Call for Papers "Vierteljahrshefte zur Wirtschaftsforschung" 3/2018: Geld und die Welt

Geld und Finanzmärkte verbinden über alle Grenzen hinweg. Die Ursachen der internationalen Finanzkrise 2007/2008 und der europäischen Krise sind noch nicht beseitigt. Die traditionellen Finanzintermediäre wie Banken stehen stark unter Wettbewerbsdruck. Sie werden in allen wichtigen Industrienationen durch eine Fast-Nullzinspolitik der Zentralbanken alimentiert. Anders als im ...

Monographien

Model Selection Methods for Panel Vector Autoregressive Models

Monographien

Booms and Busts in Asset Prices: Risk Modeling, Bubble Detection, and the Role of Monetary Policy

Seminar

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, lower the country's risk-free interest rate and increase domestic capital accumulation and wages. Currency manipulations by large countries also have...

Seminar

The Re-Emerging Privilege of Euro Area Membership

Zeitungs- und Blogbeiträge

Foreign Exchange Interventions: Frequent and Effective

Externe referierte Aufsätze

Spillovers of U.S. Unconventional Monetary Policy to Emerging Markets: The Role of Capital Flows

We employ a structural global VAR model to analyze whether U.S. unconventional monetary policy shocks, identified through changes in the central bank’s balance sheet, have an impact on financial and economic conditions in emerging market economies (EMEs). Moreover, we study whether international capital flows are an important channel of shock transmission. We find that an expansionary policy shock ...

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 criteria. The policy works well in terms of smoothing the path of exchange rates, and in stabilizing the exchange rate in countries with narrow band regimes. ...