278 Ergebnisse, ab 201
Externe referierte Aufsätze

Rules versus Human Beings, and the Mandate of the ECB

The actions by the European Central Bank (ECB) during the global and European crises have triggered a highly controversial debate, in particular in Germany, about the costs and benefits of the chosen policy path. The article reviews, compares, and evaluates the different arguments made in favor and against ECB policies around three key dimensions—the link of the policy path to price stability, financial ...

In: CESifo Economic Studies 62 (2016), 1, S. 68-87 | Marcel Fratzscher
Weitere Aufsätze

Target-Falle oder Fluchthilfe?

In: Gabriel Felbermayr, Meinhard Knoche, Ludger Wößmann (Hrsg.) , Hans-Werner Sinn und 25 Jahre deutsche Wirtschaftspolitik
München: Hanser
S. 198-199
| Marcel Fratzscher
DIW Economic Bulletin 14 / 2016

Interest Rate Lift-Off in the US: Moderate Impact to Date but Emerging Markets Should Brace Themselves

For the first time in almost a decade, the US Federal Reserve raised interest rates at the end of 2015 - an initial step toward normalizing monetary policy which has been very expansive since the onset of the financial crisis. Ahead of the move, it was feared that the interest rate reversal might have a considerable impact on emerging markets because the hike would lead to more capital flows being ...

2016| Christoph Große Steffen

Expansive monetary policy: Early exit from bond purchase program could reduce GDP growth and inflation in the euro area

The following study from DIW Berlin examines the effects of different exit scenarios from the European Central bank’s bond purchase program on the European economy – exiting early would especially depress the inflation rate What if the ECB were to reduce its bond purchase program by more than what it reported at the end of October? What if it reduced its bond holdings quicker or earlier? ...


Expansive Geldpolitik der EZB: Frühzeitiger Ausstieg dürfte Wachstum und Inflation bremsen

DIW-Studie untersucht Effekte verschiedener Ausstiegsszenarien aus EZB-Anleihekaufprogramm auf europäische Wirtschaft – Frühzeitiger Abbau würde vor allem auf Inflationsrate drücken Was wäre, wenn die EZB ihr Anleihekaufprogramm noch stärker als Ende Oktober angekündigt reduziert oder den Bestand schneller oder frühzeitiger abbaut? Welche Auswirkungen ...

Zeitungs- und Blogbeiträge

Warum die Zinsen niedrig bleiben müssen

In: Der Spiegel (10.06.2017), [Online-Artikel] | Marcel Fratzscher
DIW Berlin - Politikberatung kompakt 120 / 2017

Monetary Policy Implications of Financial Innovation: In-Depth Analysis

2017| Kerstin Bernoth, Stefan Gebauer, Dorothea Schäfer
DIW Roundup 109 / 2017

The Natural Rate of Interest II: Empirical Overview

The concept of the natural rate of interest (NRI) dates back to Wicksell (1898) and has since then been highly debated in the economic literature. In practice, estimates of the NRI can be employed as a versatile tool for macroeconomic analysis and are a core element within the popular neo-Wicksellian (or New-Keynesian) framework. The real rate gap, i.e. the difference between the actual interest rate ...

2017| Dmitry Chervyakov, Philipp König
DIW Roundup 108 / 2017

The Natural Rate of Interest I: Theory

The term natural (or neutral) real interest rate refers to the equilibrium value of the real interest rate. As this equilibrium is usually conceived as a situation where inflationary or deflationary pressures have abated, the natural real interest rate is a key concept for central banks seeking to stabilize the general price level or targeting the rate of inflation. The present roundup provides a brief ...

2017| Philipp König, Dmitry Chervyakov
278 Ergebnisse, ab 201