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Predictability of future economic growth and the credibility of monetary regimes in Germany, 1870 - 2003
Baltzer, Markus; Kling, Gerhard - In: Applied economics letters 14 (2007) 4/6, pp. 401-404
Persistent link: https://www.econbiz.de/10003469400
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Central Bank Credibility, Reputation and Inflation Targeting in Historical Perspective
Bordo, Michael D. - 2014
This paper examines the historical evolution of central bank credibility using both historical narrative and empirics for a group of 16 countries, both advanced and emerging. It shows how the evolution of credibility has gone through a pendulum where credibility was high under the classical gold...
Persistent link: https://www.econbiz.de/10013043621
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How the Bundesbank Conducts Monetary Policy
Clarida, Richard; Gertler, Mark - 2021
This paper analyzes German monetary policy in the post-Bretton Woods era. Despite the public focus on monetary targeting, in practice, German monetary policy involves the management of short term interest rates, as it does in the United States. Except during the mid to late 1970s, the Bundesbank...
Persistent link: https://www.econbiz.de/10013235581
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Changing Monetary Policy Rules, Learning, and Real Exchange Rate Dynamics
Mark, Nelson C. - 2021
environment provides a plausible framework for understanding real dollar--DM exchange rate dynamics from 1976 to 2003. The least …
Persistent link: https://www.econbiz.de/10013237961
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Monetary Policy in Japan, Germany and the United States : Does One Size Fit All?
Chinn, Menzie David; Dooley, Michael P. - 2021
We study the post-war evidence for Japan to see if the same specification for both the economy and the monetary policy rule is useful for understanding Japan's economy and monetary policy. A recurrent theme in the literature on Japanese monetary policy is that there are significant differences...
Persistent link: https://www.econbiz.de/10013245712
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Scarcity effects of QE : a transaction-level analysis in the Bund market
Schlepper, Kathi; Riordan, Ryan; Hofer, Heiko; … - 2017
This paper investigates the scarcity effects of quantitative easing (QE) policies, drawing on intra-day transaction-level data for German government bonds, purchased under the Public Sector Purchase Program (PSPP) of the ECB/Eurosystem. This paper is the first to match high-frequency QE purchase...
Persistent link: https://www.econbiz.de/10011632212
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Quantitative easing, portfolio rebalancing and credit growth : micro evidence from Germany
Tischer, Johannes - 2018
This paper sheds light on the effect of quantitative easing (QE) on bank lending. Using data on German banks for 2014-2016, I show that QE encourages banks to rebalance from securities to loans. For identification, I use bond redemptions as exogenous variation in banks' need to rebalance their...
Persistent link: https://www.econbiz.de/10011874231
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Rebalancing the euro area : is wage adjustment in Germany the answer?
Hoffmann, Mathias; Kliem, Martin; Krause, Michael; … - 2020
We assess to what extent wage inflation policies in Germany could contribute to an economic rebalancing in the euro … and output in Germany and the rest of the euro area. The duration of constant interest rates and expectations about the … consists of Germany, the rest of the euro area, and the rest of the world. …
Persistent link: https://www.econbiz.de/10012184056
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Central Bank Credibility : An Historical and Quantitative Exploration
Bordo, Michael D. - 2015
In this paper we provide empirical measures of central bank credibility and augment these with historical narratives from eleven countries. To the extent we are able to apply reliable institutional information we can also indirectly assess their role in influencing the credibility of the...
Persistent link: https://www.econbiz.de/10013030622
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What drives the German TARGET balances? : evidence from a BVAR approach
Bettendorf, Timo; Jochem, Axel - 2021
Applying a BVAR model, the present paper first identifies the possible drivers of Germany's TARGET claims. In this … studying the causes of current fluctuations in Germany's TARGET claims. …
Persistent link: https://www.econbiz.de/10012510162