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Der Beschluss des Bundesverfassungsgerichts zum OMT-Programm der EZB

Zeitler, Franz-Christoph; Fratzscher, Marcel; Murswiek, … - In: Ifo Schnelldienst 67 (2014) 06, pp. 03-25

Das Bundesverfassungsgericht hat im Februar 2014 seine Entscheidung zum Beschluss der Europäischen Zentralbank zum OMT … lediglich über die technische Frage der erlaubten Instrumente der Europäischen Zentralbank entschieden zu haben. Doch auf dem …

Persistent link: https://www.econbiz.de/10010778750

Unchartered Territory: Large-Scale Asset Purchases by the European Central Bank

Bernoth, Kerstin; König, Philipp; Raab, Carolin; … - In: DIW Economic Bulletin 5 (2015) 13, pp. 189-198

The European Central Bank (ECB) decided at its Council meeting in January to implement a comprehensive program to purchase bonds, including euro area government bonds. The purchases are intended to anchor the rate of inflation and inflation expectations at below but close to two percent again....

Persistent link: https://www.econbiz.de/10011210502

Unbekanntes Terrain: Anleihekäufe der Europäischen Zentralbank

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

countries' preparedness for reforms. Auf ihrer Ratssitzung im Januar beschloss die Europäische Zentralbank (EZB) ein umfassendes …

Persistent link: https://www.econbiz.de/10011210504

The Effects of Learning in Interactive Monetary Policy Committees

Berk, Jan Marc; Bierut, Beata K. - Tinbergen Instituut - 2004

We develop a theoretical framework for studying the effects of interaction on the quaJity of decision-making by monetary policy committees. We show that interaction, i.e. increasing one's expertise through an exchange of views, is most likely not to result in interdependent voting...

Persistent link: https://www.econbiz.de/10011256224

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

Zentralbank (EZB) seit Jahren einen expansiv ausgerichteten geldpolitischen Kurs verfolgt, ist die Preisentwicklung im Euroraum … das Risiko, in eine Deflation abzurutschen. Zwar hat die Zentralbank im Juni negative Einlagezinsen eingeführt sowie zur … expansive Geldpolitik braucht dringend Unterstützung von Seiten der Wirtschaftspolitik, um in Europa ein dynamisches …

Persistent link: https://www.econbiz.de/10011266562

Do China and oil exporters influence major currency configurations?

Fratzscher, Marcel; Mehl, Arnaud - Federal Reserve Bank of Dallas - 2009

This paper analyses the impact of the shift away from a U.S. dollar focus of systemically important emerging market economies (EMEs) on configurations between the U.S. dollar, the euro and the yen. Given the difficulty that fixed or managed U.S. dollar exchange rate regimes remain pervasive and...

Persistent link: https://www.econbiz.de/10005367955

The Effects of Learning in Interactive Monetary Policy Committees

Berk, Jan Marc; Bierut, Beata K. - Tinbergen Institute - 2004

Persistent link: https://www.econbiz.de/10005209499

How successful is the G7 in managing exchange rates?

Fratzscher, Marcel - Federal Reserve Bank of Dallas - 2009

The paper assesses the extent to which the Group of Seven (G7) has been successful in its management of major currencies since the 1970s. Using an event-study approach, the paper finds evidence that the G7 has been overall effective in moving the U.S. dollar, yen and euro in the intended...

Persistent link: https://www.econbiz.de/10005712534

On the International Spillovers of US Quantitative Easing

Fratzscher, Marcel; Duca, Marco Lo; Straub, Roland - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 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/10010662984

Consumers' inflation expectations and monetary policy in Europe

Berk, Jan Marc - Faculteit der Economische Wetenschappen en … - 2000

This paper analyses the effects of monetary policy decisions on inflation expectations of European consumers. Using a novel approach that does not assume unbiasedness of expectations, which makes use of survey data on expected future as well as perceived past price developments and allows for...

Persistent link: https://www.econbiz.de/10010822575