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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
DIW Berlin - Politikberatung kompakt 120 / 2017

Monetary Policy Implications of Financial Innovation: In-Depth Analysis

2017| Kerstin Bernoth, Stefan Gebauer, Dorothea Schäfer
Zeitungs- und Blogbeiträge

Warum die Zinsen niedrig bleiben müssen

In: Der Spiegel (10.06.2017), [Online-Artikel] | Marcel Fratzscher
DIW Roundup 107 / 2017

The Inflation Targeting Debate

Inflation targeting has become one of the most prominent monetary regimes around the globe. Proponents argue that it reduces the dynamic inconsistency problem of monetary policy and thereby stabilises prices, which in turn promotes growth. Opponents, on the other hand, say that by focusing on price stability inflation targeting neglects other important policy objectives, such as financial stability, ...

2017| Malte Rieth
DIW Weekly Report 43 / 2018

A Sustainable Development of Inflation in Euro Area Requires Continuously Improving Labor Market

In the past five years, the inflation in the euro area has been well below the European Central Bank’s (ECB) aimed inflation rate of close to but below two percent for achieving its objective of price stabilization in the medium term. The present analysis shows that expectations of low inflation, rising cyclical unemployment, and external factors such as low crude oil prices were responsible. In the ...

2018| Geraldine Dany-Knedlik
DIW Wochenbericht 43 / 2018

Für nachhaltige Inflationsdynamik im Euroraum müsste sich Arbeitsmarkt weiterhin sehr positiv entwickeln

Die Inflationsrate im Euroraum lag in den vergangenen fünf Jahren deutlich unterhalb der von der Europäischen Zentralbank (EZB) angestrebten Inflationsrate von knapp unter zwei Prozent zur mittelfristigen Preisstabilisierung. Verantwortlich hierfür waren, wie die vorliegende Analyse zeigt, niedrige Inflationserwartungen, hohe Arbeitslosenquoten und externe Faktoren wie niedrige Rohölpreise. Mitte dieses ...

2018| Geraldine Dany-Knedlik
DIW Economic Bulletin 49 / 2017

Early Exit from ECB Bond Purchase Program Could Reduce GDP Growth and Inflation

The European Central Bank is planning a gradual reduction of government bond purchases under the asset purchase program it initiated in 2015. The present study by the German Institute for Economic Research analyzes the potential macroeconomic implications of different exit strategies. The authors examined the potential effects of a reduction in net purchase volume, an early exit, and a faster exit ...

2017| Marius Clemens, Stefan Gebauer, Malte Rieth
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
321 Ergebnisse, ab 221
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