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Real financial market exchange rates and capital flows
Gelman, Maria; Jochem, Axel; Reitz, Stefan - Deutsche Bundesbank - 2013
Foreign exchange rates and capital movements are expected to be closely related to each other as international capital markets become more and more integrated. To account for this fact we construct an index of real effective exchange rates as a weighted average of cross-country asset price...
Persistent link: https://www.econbiz.de/10010957142
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Central Bank Intervention and Exchange Rate Expectations: Evidence from the Daily DM/US-Dollar Exchange Rate
Reitz, Stefan - Deutsche Bundesbank - 2002
In this paper we propose a generalisation of the noise trader transmission mechanism to examine the impact of central bank intervention on exchange rates. Within a heterogeneous expectations exchange rate model intervention operations are supposed to provide support to either chartist or...
Persistent link: https://www.econbiz.de/10005059033
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Fünfzig Jahre Deutsche Mark : Notenbank und Währung in Deutschland seit 1948
Baltensperger, Ernst (contributor) - 1998
Persistent link: https://www.econbiz.de/10000975722
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Exchange rate dynamics, expectations, and monetary policy
Chen, Qianying - Deutsche Bundesbank - 2011
This paper re-investigates the implications of monetary policy rules on changes in exchange rate, in a risk-adjusted, uncovered interest parity model with unrestricted parameters, emphasizing the importance of modeling market expectations of monetary policy. I use consensus forecasts as a proxy...
Persistent link: https://www.econbiz.de/10009283654
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Optimal degrees of transparency in monetary policymaking
Jensen, Henrik - Deutsche Bundesbank - 2001
Den meisten Akademikern und politischen Entscheidungsträgern zufolge ist Transparenz in der Geldpolitik wünschenswert … der Zentralbank zu schließen, wodurch die laufende Inflation stärker auf stabilitätspolitische Maßnahmen reagiert. Dies … führt dazu, dass die Zentralbank sich eher auf die Inflation als auf die Stabilisierung der Produktionslücke konzentriert …
Persistent link: https://www.econbiz.de/10005083135
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The World Bank Annual Report 2009 : Year in Review, Volume 2. Financial statements
World Bank - 2012
The World Bank group, among the world's largest development institutions, is a major source of financial and technical … assistance to developing countries around the world. In fiscal 2009, the World Bank group sponsored 767 projects with a total …
Persistent link: https://www.econbiz.de/10012552087
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Deciding to peg the exchange rate in developing countries: the role of private-sector debt
Harms, Philipp; Hoffmann, Mathias - Deutsche Bundesbank - 2009
exchange rate. We present a simple model in which exchange rate volatility does not affect agents' welfare if all the debt is …
Persistent link: https://www.econbiz.de/10008474655
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The ESRB at 1
Gerlach, Stefan (ed.); Gnan, Ernest (ed.); Ulbrich, Jens (ed.) - Conference on ESRB at 1 <1, 2011, Berlin>; SUERF - The …; … - 2012
SUERF – The European Money and Finance Forum, the Deutsche Bundesbank and the Institute for Monetary and Financial Stability (IMFS) took the opportunity of the first anniversary of this new institution to organise a joint conference in Berlin on 8-9 November 2011. The purpose of this event was...
Persistent link: https://www.econbiz.de/10011711529
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Monetary policy and bank distress: an integrated micro-macro approach
De Graeve, Ferre; Kick, Thomas - Deutsche Bundesbank - 2008
Evidence on the interdependency between monetary policy and the state of the banking system is scarce. We suggest an integrated micro-macro approach with two core virtues. First, we measure the probability of bank distress directly at the bank level. Second, we integrate a microeconomic hazard...
Persistent link: https://www.econbiz.de/10005082796
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Money-based interest rate rules: lessons from German data
Gerberding, Christina; Seitz, Franz; Worms, Andreas - Deutsche Bundesbank - 2007
The paper derives the monetary policy reaction function implied by money growth targeting. It consists of an interest rate response to deviations of the inflation rate from target, to the change in the output gap, to money demand shocks and to the lagged interest rate. In the second part, it is...
Persistent link: https://www.econbiz.de/10005083083