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278 Ergebnisse, ab 221
DIW Wochenbericht 49 / 2017

Frühzeitiger Ausstieg der EZB aus dem Anleihekaufprogramm dürfte Wachstum und Inflation bremsen

Die Europäische Zentralbank will ihr 2015 gestartetes Ankaufprogramm von Staatsanleihen schrittweise zurückfahren. Welche gesamtwirtschaftlichen Auswirkungen die unterschiedlichen Ausstiegsmöglichkeiten haben könnten, zeigt eine Studie des DIW Berlin. Untersucht wird, wie sich eine Reduktion des Ankaufvolumens, ein frühzeitiger Ausstieg und ein schnellerer Ausstieg aus dem Ankaufprogramm auf das BIP-Wachstum ...

2017| Marius Clemens, Stefan Gebauer, Malte Rieth
Weitere Aufsätze

Effectiveness of the ECB Programme of Asset Purchases: Where Do We Stand?

The ECB has engaged in several forms of unconventional monetary policy since 2007. This report documents empirically that the implemented measures were effective. In a counterfactual analysis, the report simulates the effects of an unconventional monetary policy shock of -10 basis points to euro area sovereign yields, consistent with the effect of the first announcement of the Expanded Asset Purchase ...

In: Effectiveness of the ECB Programme of Asset Purchases: Where Do We Stand? Monetary Dialogue June 2016
Brussels: European Parliament
S. 7-21
Economic and Monetary Affairs
| Kerstin Bernoth, Michael Hachula, Michele Piffer, Malte Rieth
DIW Berlin - Politikberatung kompakt 113 / 2016

Effectiveness of the ECB Programme of Asset Purchases: Where Do We Stand? In-Depth Analysis

2016| Kerstin Bernoth, Michael Hachula, Michele Piffer, Malte Rieth
DIW Economic Bulletin 44 / 2015

The Ruble between the Hammer and the Anvil: The Impact of Oil Prices and Economic Sanctions

The Russian economy is tightly woven into the global economy, and is therefore highly dependent on the development of exchange rates. Since 2014, the ruble has fallen by more than 50 percent against the US dollar. The de¬valuation goes hand in hand with the Western sanctions that were imposed due to the political tensions between Russia and Ukraine. At the same time, the decline in oil prices may also ...

2015| Christian Dreger, Konstantin Kholodilin
DIW Wochenbericht 44 / 2015

Der Rubel zwischen Hammer und Amboss: der Einfluss von Ölpreisen und Wirtschaftssanktionen

Die russische Wirtschaft ist stark international verflochten und deshalb in hohem Grad von der Entwicklung der Wechselkurse abhängig. Seit 2014 verlor der Rubel mehr als 50 Prozent gegenüber dem Dollar. Die Abwertung der Währung geht einher mit den westlichen Sanktionen, die auf die Spannungen zwischen Russland und der Ukraine zurückzuführen sind. Allerdings könnte auch der Rückgang der Ölpreise zum ...

2015| Christian Dreger, Konstantin Kholodilin
Externe referierte Aufsätze

Basil J. Moore's Horizontalists and Verticalists: An Appraisal 25 Years Later

In 1988 Basil Moore published his book Horizontalists and Verticalists: The Macroeconomics of Credit Money, which this year celebrates its 25th birthday. We discuss this book from today's perspective, and in particular whether Moore's main assertions have been validated or rejected by the development of central bank practice and academic monetary economics. We find that the book has impressively stood ...

In: Review of Keynesian Economics 1 (2013), 4, S. 383-390 | Ulrich Bindseil, Philipp König
Diskussionspapiere 1382 / 2014

Unconventional Monetary Policy and Money Demand

This paper investigates the usefulness of the money demand relationship in times of unconventional monetary policies by cointegration methods. In contrast to the bulk of the literature, evidence in favour of a stable long run money demand function is presented both for the US and the euro area. Results are based on standard monetary aggregates, i.e. MZM for the US and M3 in case of the euro area. The ...

2014| Christian Dreger, Jürgen Wolters
Diskussionspapiere 1288 / 2013

The PPP Hypothesis Revisited: Evidence Using a Multivariate Long-Memory Model

This paper examines the PPP hypothesis analysing the behaviour of the real exchange rates vis-à-vis the US dollar for four major currencies (namely, the Canadian dollar, the euro, the Japanese yen and the British pound). An innovative approach based on fractional integration in a multivariate context is applied to annual data from 1970 to 2011. Long memory is found to characterise the Canadian dollar, ...

2013| Guglielmo Maria Caporale, Luis A. Gil-Alana, Yuliya Lovcha
278 Ergebnisse, ab 221