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272 Ergebnisse, ab 1
Forschungsprojekt

The Impact of Monetary Policy on Structural Reforms in the Euro Area

The aim of this project is to estimate the impact of monetary policy on structural reforms in the euro area. We first identify exogenous ECB policy changes through an event study that extracts the unexpected variation in euro area interest rates on policy announcement days. We estimate then the effect of monetary policy shocks on the number of reforms and investigate whether the effect is stronger...

Aktuelles Projekt| Makroökonomie
Diskussionspapiere 1792 / 2019

Exchange Rates, Foreign Currency Exposure and Sovereign Risk

We quantify the causal link between exchange rate movements and sovereign risk of 16 major emerging market economies (EMEs) by means of structural vector autoregressive models (SVARs) using data from 10/2004 through 12/2016. We apply a novel data based identification approach of the structural shocks that allows to account for the complex interrelations within the triad of exchange rates, sovereign ...

2019| Kerstin Bernoth, Helmut Herwartz
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
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
Zeitungs- und Blogbeiträge

Höhere Zinsen sind möglich

In: Die Zeit (23.08.2019), [Online-Artikel] | Marcel Fratzscher
Workshop

Workshop on Fiscal Policy in Times of Crisis

The global financial and the subsequent European Sovereign Debt crisis have renewed the interest in fiscal policy as a macroeconomic stabilization device because central banks have lost their conventional measure of stimulating the economy through reductions in the policy interest rate. At the same time, rising debt burdens following the crisis - especially in Europe - have called into question...

20.06.2019
Vierteljahrshefte zur Wirtschaftsforschung 3 / 2018

Geld und die Welt

2018| Dorothea Schäfer, Mechthild Schrooten
Pressemitteilung

20 Jahre nach Einführung des Euro: Gemeinsame Geldpolitik hat die Konjunktur in den Euroländern stabiler gemacht

EZB ist es besser gelungen als ihren nationalen Vorgängern, die Konjunktur in den Euroländern zu stabilisieren – Spanien, Portugal und Italien haben am meisten profitiert – Währungsunion muss über Geldpolitik hinaus vertieft werden Die gemeinsame Geldpolitik war für die Konjunktur der Euroländer ein Segen, zeigt eine neue Studie am Deutschen Institut für ...

16.05.2019
Forschungsprojekt

The effect of the low interest environment on household investment behavior

The objective of the project is to analyze the effects of long enduring low interest rates on household investment behavior, setting a special focus on the stock market participation of German and US households. In particular, we address four questions within the project. Did the low interest rate environment induced more households to enter the stock market? How do low interest rates affect the...

Aktuelles Projekt| Makroökonomie
Forschungsprojekt

Fundamentale makroökonomische Bestimmungsfaktoren von Wertpapierpreisen: Zustandsabhängigkeiten und Implikationen für die Geldpolitik

Die globale Finanzkrise hat das traditionelle Verständnis von Makro- und Finanzökonomen über die Verbindungen zwischen dem Finanzsystem und der Realwirtschaft und die Kanäle, durch die finanzielle Risiken auf internationaler Ebene entstehen, in Frage gestellt. Dieses Projekt soll sowohl zur bestehenden wissenschaftlichen Literatur als auch zur aktuellen politischen Debatte ...

Aktuelles Projekt| Makroökonomie
272 Ergebnisse, ab 1