Similar Search Results

Fratzscher, Marcel; Große Steffen, Christoph; Rieth, Malte - 2018

We study the characteristics of inflation targeting as a shock absorber, using quarterly data for a large panel of countries. To overcome an endogeneity problem between monetary regimes and the likelihood of crises, we propose to study large natural disasters. We find that inflation targeting...

Persistent link: https://www.econbiz.de/10011790769

When is foreign exchange intervention effective? : evidence from 33 Countries

Fratzscher, Marcel; Gloede, Oliver; Menkhoff, Lukas; … - 2015

This study examines foreign exchange intervention based on novel daily data covering 33 countries from 1995 to 2011. We find that intervention is widely used and a highly effective policy tool, with a success rate in excess of 80 percent under some criteria. The policy works very well in terms...

Persistent link: https://www.econbiz.de/10011382669

When is foreign exchange intervention effective? : evidence from 33 countries

Fratzscher, Marcel; Gloede, Oliver; Menkhoff, Lukas; … - 2017 - Revised version: April 2017

This study examines foreign exchange intervention based on novel daily data covering 33 countries from 1995 to 2011. We find that intervention is widely used and an effective policy tool, with a success rate in excess of 80 percent under some criteria. The policy works well in terms of smoothing...

Persistent link: https://www.econbiz.de/10011638977

On the international spillovers of US quantitative easing

Fratzscher, Marcel; Lo Duca, Marco; Straub, Roland - 2013

The paper analyses the global spillovers of the Federal Reserve's unconventional monetary policy measures. First, we find that Fed measures in the early phase of the crisis (QE1), but not since 2010 (QE2), were highly effective in lowering sovereign yields and raising equity markets in the US...

Persistent link: https://www.econbiz.de/10009763863

Monetary policy, bank bailouts and the sovereign-bank risk nexus in the euro area

Fratzscher, Marcel; Rieth, Malte - 2015

The paper analyses the empirical relationship between bank risk and sovereign credit risk in the euro area. Using structural VAR with daily financial markets data for 2003-13, the analysis confirms two-way causality between shocks to sovereign risk and bank risk, with the former being overall...

Persistent link: https://www.econbiz.de/10010479938

Euro area government bonds : integration and fragmentation during the sovereign debt crisis

Ehrmann, Michael; Fratzscher, Marcel - 2015

The paper analyzes the integration of euro area sovereign bond markets during the European sovereign debt crisis. It tests for contagion (i.e., an intensification in the transmission of shocks across countries), fragmentation (a reduction in spillovers) and flight-to-quality patterns, exploiting...

Persistent link: https://www.econbiz.de/10010519824

Schwache Preisentwicklung und Deflationsgefahr im Euroraum: Grenzen der Geldpolitik

Bernoth, Kerstin; Fratzscher, Marcel; König, Philipp Johann - In: DIW Wochenbericht 81 (2014) 12, pp. 235-249

Die Inflationsrate im Euroraum liegt seit knapp einem Jahr unterhalb der von der Europäischen Zentralbank angestrebten …

Persistent link: https://www.econbiz.de/10010335203

Inflationserwartungen im Euroraum sind nicht mehr fest verankert: Neue Maßnahmen der EZB-Geldpolitik

Bernoth, Kerstin; Fratzscher, Marcel; König, Philipp; … - In: DIW Wochenbericht 81 (2014) 37, pp. 856-867

Obwohl die Europäische Zentralbank (EZB) seit Jahren einen expansiv ausgerichteten geldpolitischen Kurs verfolgt, ist … Inflationsziel der EZB. Damit steigt auch das Risiko, in eine Deflation abzurutschen. Zwar hat die Zentralbank im Juni negative … keineswegs sicher. Die expansive Geldpolitik braucht dringend Unterstützung von Seiten der Wirtschaftspolitik, um in Europa ein …

Persistent link: https://www.econbiz.de/10010398504

Unbekanntes Terrain: Anleihekäufe der Europäischen Zentralbank

Bernoth, Kerstin; König, Philipp; Reib, Carolin; … - In: DIW Wochenbericht 82 (2015) 13, pp. 307-316

Auf ihrer Ratssitzung im Januar beschloss die Europäische Zentralbank (EZB) ein umfassendes Ankaufprogramm für Anleihen …

Persistent link: https://www.econbiz.de/10010500484

Drivers of structural change in cross-border banking since the global financial crisis

Bremus, Franziska; Fratzscher, Marcel - 2014

The paper analyzes the effects of changes to regulatory policy and to monetary policy on cross-border bank lending since the global financial crisis. Cross-border bank lending has decreased, and the home bias in the credit portfolio of banks has risen sharply, especially among banks in the euro...

Persistent link: https://www.econbiz.de/10010417675