The US Federal Reserve cut interest rates more vigorously in the recent recession than the European Central Bank did. By comparison with the Fed, the ECB followed a more measured course of action. We use an estimated dynamic general equilibrium model with financial frictions to show that...

Am 20. Januar 2021 veranstalteten das Institut für bankhistorische Forschung und das Center for Financial Studies eine vielbeachtete Video-Konferenz zum Thema „Die Rolle von Zentralbanken in Krisenzeiten - Lehren aus der Zeit vor 1800“. Anlass war das Erscheinen des Buches von Ulrich...

During the turbulent 1970s and 1980s the Bundesbank established an outstanding reputation in the world of central banking. Germany achieved a high degree of domestic stability and provided safe haven for investors in times of turmoil in the international financial system. Eventually the...