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Technologische Dienstleistungen in der Zahlungsbilanz

Deutsche Bundesbank - Frankfurt, M. : Dt. Bundesbank - 1994 - 2008; 2011

Persistent link: https://www.econbiz.de/10000537353

International portfolios, capital accumulation and foreign assets dynamics

Coeurdacier, Nicolas; Kollmann, Robert Miguel W. K.; … - Deutsche Bundesbank - 2008

Despite the liberalisation of capital flows among OECD countries, equity home bias remains sizable. We depart from the two familiar explanation of equity home bias: transaction costs that impede international diversification, and terms of trade responses to supply shocks that provide risk...

Persistent link: https://www.econbiz.de/10005083063

Price rigidity, the mark-up and the dynamics of the current account

Lombardo, Giovanni - Deutsche Bundesbank - 2002

Der vorliegende Beitrag zeigt, dass der Grad der Wettbewerbsintensität die Reaktion der Leistungsbilanz auf nominale … Leistungsbilanz. Zunächst wird das Verhältnis zwischen dem Mark-up und der realen Rigidität in einem einfachen Modell einer … geschlossenen Volkswirtschaft untersucht. Anschließend wird numerisch dargestellt, wie der Mark-up die Reaktion der Leistungsbilanz …

Persistent link: https://www.econbiz.de/10005083160

Long-run growth expectations and 'global imbalances'

Hoffmann, Mathias; Krause, Michael; Laubach, Thomas - Deutsche Bundesbank - 2011

This paper examines to what extent the build-up of 'global imbalances' since the mid-1990s can be explained in a purely real open-economy DSGE model in which agents' perceptions of long-run growth are based on filtering observed changes in productivity. We show that long-run growth estimates...

Persistent link: https://www.econbiz.de/10009643167

Determinants of current account developments in the central and east European EU member states - consequences for the enlargement of the euro area

Herrmann, Sabine; Jochem, Axel - Deutsche Bundesbank - 2005

The current accounts of most EU member states in central and eastern Europe have been showing growing deficits in recent years. According to panel estimates the deficits can be attributed primarily to factors characteristic for the stage of development, ie the relative income level and high...

Persistent link: https://www.econbiz.de/10005059036

Monetary Transmission in the New Economy: Service Life of Capital, Transmission Channels and the Speed of Adjustment

von Kalckreuth, Ulf; Schröder, Jürgen - Deutsche Bundesbank - 2002

This paper evaluates the consequences of accelerated technical progress for monetary transmission and the speed of adjustment in the real economy. With a decreasing service life, the long term rate relevant to real demand will resemble more closely the money market rate. We make the investment...

Persistent link: https://www.econbiz.de/10005083252

Interest rate risk and the Swiss solvency test

Eder, Armin; Keiler, Sebastian; Pichl, Hannes - Deutsche Bundesbank - 2013

In this paper, we present a new approach to measuring interest rate risk for insurers within the Swiss Solvency Test, which overcomes the shortcomings of the standard model. The standard model of the Swiss Solvency Test is based on more interest rate risk factors than are actually needed to...

Persistent link: https://www.econbiz.de/10010957135