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508 Ergebnisse, ab 271
  • DIW Wochenbericht 22 / 2021

    EZB-Politik erleichtert Unternehmen Finanzierung am Markt grüner Anleihen

    Der Markt für grüne Anleihen insbesondere aus dem Euroraum ist in den vergangenen Jahren stark gewachsen. Mit Blick auf die angestrebten Klimaziele der Europäischen Union ist anzunehmen, dass die Nachfrage nach Bonds, die gezielt nachhaltige Projekte fördern, künftig weiter steigen wird. Auch die Europäische Zentralbank (EZB) investiert im Rahmen ihrer Kaufprogramme in derartige Anleihen und plant ...

    2021| Franziska Bremus, Franziska Schütze, Aleksandar Zaklan
  • 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
  • Weekly Report

    Policy Responses to Turkey’s Crisis: Independent Central Bank and International Credit

    The presently tenuous situation in Turkey will worsen if the government does not take appropriate policy action. In view of foreign investors’ loss of confidence, the cost of external financing is likely to rise while consumption and investment will fall, and the Turkish lira would depreciate further. The influx of foreign capital would dry up as well. Conservative estimates show that the country’s ...

    19.09.2018| Alexander Kriwoluzky, Malte Rieth
  • Forschungsprojekt

    Kreditvergabe unter Banken unter BASEL III: Der Beitrag der unkonventionellen Geldpolitik

    Abgeschlossenes Projekt| Makroökonomie
  • Forschungsprojekt

    Bank lending under BASEL III: The contribution of unconventional monetary policy

    Abgeschlossenes Projekt| Makroökonomie
  • Referierte Aufsätze Web of Science

    Monetary Policy and Defaults in the United States

    This paper uses a structural VAR model to study the effect of monetary policy on the delinquency rate of business loans and consumer credit. The VAR is identified using, jointly, several external instruments that reflect different approaches from the literature. Delinquency rates, defined as the rate of loans with overdue repayments relative to total loans, are found to decrease in response to an exogenous ...

    In: International Journal of Central Banking 14 82018), 4, S. 327-358 | Michele Piffer
  • Diskussionspapiere 1605 / 2016

    Monetary Policy and Mispricing in Stock Markets

    This paper investigates whether central banks can attenuate excessive mispricing in stocks as suggested by the proponents of a "leaning against the wind" (LATW) monetary policy. For this, we decompose stock prices into a fundamental component, a risk premium, and a mispricing component. We argue that mispricing can arise for two reasons: (i) from false subjective expectations of investors about future ...

    2016| Benjamin Beckers, Kerstin Bernoth
  • Referierte Aufsätze Web of Science

    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. Our empirical evidence shows the existence of stable long run money demand functions even in the period of interest rates near the zero bound, both for the US economy and the euro area. Evidence is based on standard monetary aggregates, i.e. MZM for the US and ...

    In: Journal of Macroeconomics 46 (2015), S. 40-54 | Christian Dreger, Jürgen Wolters
  • Diskussionspapiere 1559 / 2016

    Monetary Policy and Defaults in the US

    This paper uses a structural VAR model to study the effect of monetary policy on the delinquency rate of business loans and consumer credit. The VAR is identified using at the same time several external instruments, which cover different approaches from the literature. Delinquency rates, defined as the rate of loans whose repayment is overdue for more than a month relative to total loans, are found ...

    2016| Michele Piffer
  • Referierte Aufsätze Web of Science

    On the Empirical Relevance of the Lucas Critique: The Case of Euro Area Money Demand

    This paper examines the relevance of the Lucas critique for euro area money demand. Based on the money in the utility function approach, a vector error correction model is specified to investigate the relationship between money and inflation in times of policy shifts. A well defined equation for money demand is obtained. The results indicate that the evolution of M3 is still in line with money demand. ...

    In: Empirica 43 (2016), 1, S. 61-82 | Christian Dreger, Jürgen Wolters
508 Ergebnisse, ab 271
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