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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
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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
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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
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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
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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
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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
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The Effects of Learning in Interactive Monetary Policy Committees
Berk, Jan Marc; Bierut, Beata K. - Tinbergen Institute - 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/10005209499
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Consumers' Inflation Expectations and Monetary Policy in Europe
Berk, Jan Marc - de Nederlandsche Bank - 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/10005021884
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Asymmetric Monetary Policy Effects in Germany
Kuzin, Vladimir; Tober, Silke - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2004
In a small structural model we find asymmetries in the effects of monetary policy in Germany depending on whether the economy is in an upswing or a downswing. These two different regimes are also identified using a Markov-switching model and the Kalman filter. Our results indicate that the...
Persistent link: https://www.econbiz.de/10004963955
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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