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Dauerkritik an der Europäischen Zentralbank: Falsch angewendete Theorie untergräbt Vertrauen in die Geldpolitik

Winkler, Adalbert - In: Wirtschaftsdienst 94 (2014) 7, pp. 479-486

Die Beschlüsse der Europäischen Zentralbank vom 5. Juni 2014 sind zum Teil heftig kritisiert worden. Damit setzt sich die überwiegend negative Bewertung an der Politik der Europäischen Zentralbank fort, die seit langem zu beobachten ist, aber im Widerspruch zur realen Entwicklung steht. Sie...

Persistent link: https://www.econbiz.de/10010471456

Implementing inflation targeting regimes: The case of Poland

Gottschalk, Jan; Moore, David - 1999

This paper assesses the prospects for the new Polish monetary policy strategy of inflation targeting. Regarding the general requirements for implementing an inflation targeting strategy it appears that Poland has made sufficient progress in reducing fiscal dominance and hardening budget...

Persistent link: https://www.econbiz.de/10010275417

Money demand stability and inflation prediction in the four largest EMU countries

Carstensen, Kai; Hagen, Jan; Hossfeld, Oliver; Salazar … - 2008

In this paper we analyze the money demand functions of the four largest EMU countries and of the four-country (EMU-4 …) aggregate. We identify reasonable and stable money demand relationships for Germany, France and Spain as well as the EMU-4 … aggregate. For the case of Italy, results are less clear. From the estimated money demand functions, we derive both EMU-4 and …

Persistent link: https://www.econbiz.de/10010263515

A cointegration analysis of a money demand system in Europe

Gottschalk, Jan - 1999

This paper presents a multivariate analysis of a money demand system in Europe. The system comprises real broad money … identified: a money demand function and a long-run Fisher equation. Inflation does not play a role in the specification of the … European money demand function. Stability of money demand is generally seen as a precondition for monetary targeting. No …

Persistent link: https://www.econbiz.de/10010275451

The link of the monetary indicator to future inflation in the Euro Area - a simulation experiment

Stolz, Stéphanie; Gottschalk, Jan - 2001

We examine the indicator property of the monetary indicator for inflation. Using a P*-model, Svensson shows theoretically in a recent paper that the relationship between these two variables is rather tenuous. The present study employs empirical evidence on the relations in his model to quantify...

Persistent link: https://www.econbiz.de/10010332960

Bundesverfassungsgericht und Krisenpolitik der EZB: Stellungnahmen der Ökonomen

Konrad, Kai A.; Fuest, Clemens; Uhlig, Harald; … - In: Wirtschaftsdienst 93 (2013) 7, pp. 431-454

Am 11. und 12. Juni 2013 hat das Bundesverfassungsgericht Experten zur Krisenpolitik der EZB angehört. Dabei ging es um die Frage, ob oder inwieweit die EZB durch das Outright-Monetary-Transactions-Programm (OMT) Kompetenzen beansprucht, die ihr nicht übertragen worden sind. Wir...

Persistent link: https://www.econbiz.de/10010327951

Überschreitet die EZB mit ihren Staatsanleihekäufen ihr Mandat?

Matthes, Jürgen; Demary, Markus - In: Wirtschaftsdienst 93 (2013) 9, pp. 607-615

Die Staatsanleihekäufe der EZB sind zu einem Fall für das Bundesverfassungsgericht geworden. Die Autoren des IW Köln argumentieren, dass das Outright-Monetary-Transactions-Programm noch innerhalb der Grenzen des EZB-Mandats liegt, aber wegen seiner Nachteile nur temporär eingesetzt werden...

Persistent link: https://www.econbiz.de/10010327962

The predictability of monetary policy

Blattner, Tobias; Catenaro, Marco; Ehrmann, Michael; … - 2008

Current best practice in central banking views a high level of monetary policy predictability as desirable. A clear distinction, however, has to be made between short-term and longer-term predictability. While short-term predictability can be narrowly defined as the ability of the public to...

Persistent link: https://www.econbiz.de/10011606235

The impact of the global economic and financial crisis on central, eastern and south-eastern Europe: A stock-taking exercise

Gardó, Sándor (contributor); Martin, Reiner (contributor) - 2010

The paper first reviews the main drivers of the growth and real convergence process in central, eastern and south-eastern Europe (CESEE) since 2000 and assesses the key macro-financial strengths and vulnerabilities of the region at the beginning of the global economic and financial crisis. The...

Persistent link: https://www.econbiz.de/10011606266

The Stability and Growth Pact - crisis and reform

Schuknecht, Ludger; Moutot, Philippe; Rother, Philipp; … - 2011

The sovereign debt crisis in the euro area is a symptom of policy failures and deficiencies in – among other things – fiscal policy coordination. The first nine years of the euro were not used effectively in order to improve public finances, while the Stability and Growth Pact was watered...

Persistent link: https://www.econbiz.de/10011606281