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The observation, analysis and forecasting of inflationary trends is of particular interest to all economic agents -not just to institutions with monetary policy tasks. Almost all central banks have specified a price target as the final goal of monetary policy, for example, and some central banks...
Persistent link: https://www.econbiz.de/10012990914
This paper introduces the Deutsche Bundesbank's new procedure for estimating the term structure of interest rates. It describes the basic methodological approaches used (Nelson and Siegel (1987) and Svensson (1994)) and some fundamental concepts which are important for estimating and...
Persistent link: https://www.econbiz.de/10012990915
The purpose of the present paper is twofold. First, it describes zero-coupon yield curve estimates for Germany from September 1972 to February 1996 using a variety of curve-fitting procedures. Second, these estimates are tested for their information content regarding future inflation
Persistent link: https://www.econbiz.de/10012990930
The traditional monetary policy transmission mechanism is based on the fact that, in the wake of a restrictive monetary policy stance, the interest rate rises and that therefore interest-rate-related variables, such as corporate asset formation, dec1ine or increase less sharply than at the given...
Persistent link: https://www.econbiz.de/10012990933
Änderungen der Notenbankzinsen sind in Deutschland wie in allen anderen westlichen Industrieländern das zentrale … sind in Deutschland der Pensionssatz, der Lombard-und der Diskontsatz. In dieser Arbeit werden die unmittelbaren …
Persistent link: https://www.econbiz.de/10012990940
Das Papier teilt die Geldmenge M3 (ohne Bargeld) nach den wichtigsten Haltern (inländische Unternehmen und private Haushalte) auf und untersucht die Bestimmungsgründe dieser Unteraggregate. Eine solche disaggregierte Betrachtung erscheint insbesondere auch für ein besseres Verständnis der...
Persistent link: https://www.econbiz.de/10012990945
Since the so-called Hartz IV reforms around 2005 and during the global crisis of 2008/2009, the German labor market featured mainly declining unemployment rates. We develop a search and matching model with heterogeneous skills to explore the role of structural and cyclical policies for this...
Persistent link: https://www.econbiz.de/10012991006
This paper analyses the role of bank-related constraints in explaining the sharp slowdown in bank lending to non-financial corporations in Germany during the recent financial crisis. We use a panel approach based on a unique data set which matches the individual responses of the banks...
Persistent link: https://www.econbiz.de/10012991014
We analyze the effect of geographic proximity on individual investors' portfolio choice. Using a unique data set which covers the common stockholdings of private households at regional banks in Germany, we document strong and consistent overinvestment in geographically close companies. Our...
Persistent link: https://www.econbiz.de/10012991017
Information economics has emerged as the primary theoretical lens for framing financing decisions in firm R&D investment. Successful outcomes of R&D projects are either ex-ante impossible to predict or the information is asymmetrically distributed between inventors and investors. As a result,...
Persistent link: https://www.econbiz.de/10012991022