Using the exact wording of the European Central Bank's definition of price stability, we started a representative online survey of German citizens in January 2019 that is designed to measure long‐term inflation expectations and the credibility of the inflation target. Our results indicate that...

Securities repurchase agreements (REPOs) have become the Bundesbank's most important tool for its ongoing money market management and the control of the monetary base. In the fall of 1988, the Bundesbank changed the applied auction rule in order to prevent banks from submitting exaggerated bids....