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On the International Spillovers of US Quantitative Easing

Fratzscher, Marcel; Duca, Marco Lo; Straub, Roland - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2013

The paper analyses the global spillovers of the Federal Reserve's unconventional monetary policy measures. First, we find that Fed measures in the early phase of the crisis (QE1), but not since 2010 (QE2), were highly effective in lowering sovereign yields and raising equity markets in the US...

Persistent link: https://www.econbiz.de/10010662984

Drivers of structural change in cross-border banking since the global financial crisis

Bremus, Franziska; Fratzscher, Marcel - In: Journal of International Money and Finance 52 (2015) C, pp. 32-59

The paper analyzes the effects of changes to regulatory policy and to monetary policy on cross-border bank lending since the global financial crisis. Cross-border bank lending has decreased, and the home bias in the credit portfolio of banks has risen sharply, especially among banks in the euro...

Persistent link: https://www.econbiz.de/10011208918

Unchartered Territory: Large-Scale Asset Purchases by the European Central Bank

Bernoth, Kerstin; König, Philipp; Raab, Carolin; … - In: DIW Economic Bulletin 5 (2015) 13, pp. 189-198

The European Central Bank (ECB) decided at its Council meeting in January to implement a comprehensive program to purchase bonds, including euro area government bonds. The purchases are intended to anchor the rate of inflation and inflation expectations at below but close to two percent again....

Persistent link: https://www.econbiz.de/10011210502

Unbekanntes Terrain: Anleihekäufe der Europäischen Zentralbank

Bernoth, Kerstin; König, Philipp; Raab, Carolin; … - In: DIW Wochenbericht 82 (2015) 13, pp. 307-316

countries' preparedness for reforms. Auf ihrer Ratssitzung im Januar beschloss die Europäische Zentralbank (EZB) ein umfassendes …

Persistent link: https://www.econbiz.de/10011210504

Inflationserwartungen im Euroraum sind nicht mehr fest verankert: neue Maßnahmen der EZB-Geldpolitik

Bernoth, Kerstin; Fratzscher, Marcel; König, Philipp; … - In: DIW Wochenbericht 81 (2014) 37, pp. 856-867

Zentralbank (EZB) seit Jahren einen expansiv ausgerichteten geldpolitischen Kurs verfolgt, ist die Preisentwicklung im Euroraum … das Risiko, in eine Deflation abzurutschen. Zwar hat die Zentralbank im Juni negative Einlagezinsen eingeführt sowie zur … expansive Geldpolitik braucht dringend Unterstützung von Seiten der Wirtschaftspolitik, um in Europa ein dynamisches …

Persistent link: https://www.econbiz.de/10011266562

Do China and oil exporters influence major currency configurations?

Fratzscher, Marcel; Mehl, Arnaud - Federal Reserve Bank of Dallas - 2009

This paper analyses the impact of the shift away from a U.S. dollar focus of systemically important emerging market economies (EMEs) on configurations between the U.S. dollar, the euro and the yen. Given the difficulty that fixed or managed U.S. dollar exchange rate regimes remain pervasive and...

Persistent link: https://www.econbiz.de/10005367955

Dispersed communication by central bank committees and the predictability of monetary policy decisions

Ehrmann, Michael; Fratzscher, Marcel - In: Public Choice 157 (2013) 1, pp. 223-244

The paper asks whether members of central bank decision-making committees should communicate with the public in a collegial manner, by conveying the consensus or majority view of the committee, or in an individualistic way, by providing the diversity of views among the committee members. It...

Persistent link: https://www.econbiz.de/10010864384

How successful is the G7 in managing exchange rates?

Fratzscher, Marcel - Federal Reserve Bank of Dallas - 2009

The paper assesses the extent to which the Group of Seven (G7) has been successful in its management of major currencies since the 1970s. Using an event-study approach, the paper finds evidence that the G7 has been overall effective in moving the U.S. dollar, yen and euro in the intended...

Persistent link: https://www.econbiz.de/10005712534

Weak Inflation and Threat of Deflation in the Euro Area: Limits of Conventional Monetary Policy

Bernoth, Kerstin; Fratzscher, Marcel; König, Philipp - In: DIW Economic Bulletin 4 (2014) 5, pp. 15-28

Inflation in the euro area has been below the European Central Bank's target for almost a year now and it is also expected to remain at a very low level in the near future. On the one hand, such a low level of inflation is not in line with the ECB's objective. On the other hand, there is the...

Persistent link: https://www.econbiz.de/10011128063

Schwache Preisentwicklung und Deflationsgefahr im Euroraum: Grenzen der konventionellen Geldpolitik

Bernoth, Kerstin; Fratzscher, Marcel; König, Philipp - In: DIW Wochenbericht 81 (2014) 12, pp. 235-249

deflation. Die Inflationsrate im Euroraum liegt seit knapp einem Jahr unterhalb der von der Europäischen Zentralbank …

Persistent link: https://www.econbiz.de/10011128412