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272 Ergebnisse, ab 211
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
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
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
272 Ergebnisse, ab 211