The recovery from the Global Financial Crisis was characterized by sluggish output growth and by inflation remaining persistently below the inflation targets of central banks in many advanced economies despite an unprecedented monetary expansion. Ten years after the Global Financial Crisis, GDP...

The recovery from the Global Financial Crisis was characterized by sluggish output growth and by inflation remaining persistently below the inflation targets of central banks in many advanced economies despite an unprecedented monetary expansion. Ten years after the Global Financial Crisis, GDP...

The ECB has adopted a variety of unconventional monetary policy measures since the Global Financial Crisis. In this paper, we assess the effectiveness of unconventional monetary policy measures based on a review of the empirical literature and on theoretical considerations. Empirical assessments...

Die Zentralbanken in den Industrieländern betreiben seit längerer Zeit eine sehr lockere Geldpolitik mit niedrigen nominalen Zinsen. Bei gleichzeitig niedriger Inflationsrate sind auch die Realzinsen sehr gering. Von niedrigen Zinsen wird erwartet, dass die Investitionsschwäche überwunden,...

Business investment in the euro area strongly declined during the Global Financial Crisis and the Sovereign Debt Crisis. It has not yet rebounded to its pre-crisis trend despite the very expansionary monetary policy measures of the ECB. We analyse the sluggish recovery in business investment in...

Negative interest rate policies (NIRP) have become an established monetary policy instrument in the toolkit of the ECB. We discuss NIRP in the euro area based on theoretical considerations and available empirical evidence. We find that NIRP had some positive impact on loan growth and investment...

Wholesale prices for gas and electricity have fallen significantly in recent months - even though they are still at a high level. In addition, the burdens on private households and companies caused by high energy costs are to be cushioned by so-called price brakes. Overall, inflation in 2023...

Die deutsche Wirtschaft müht sich aus der Stagnation. Im kommenden Jahr dürfte die Wirtschaftsleistung wieder zulegen. Eine große konjunkturelle Dynamik ist aber nicht absehbar. Vor allem die recht kräftigen Zuwächse des real verfügbaren Einkommens werden den privaten Konsum anschieben....

The German economy is struggling to emerge from stagnation. GDP is likely to increase again in 2024, but the economic momentum will remain low. The strong growth in real disposable income will boost private consumption. However, the increases in interest rates continue to weigh on construction...

Die weltwirtschaftliche Dynamik wird sich in den kommenden beiden Jahren allmählich verstärken. Der Anstieg der Weltproduktion gerechnet auf Basis von Kaufkraftparitäten wird sich von 3,4 Prozent in diesem Jahr auf 3,7 Prozent bzw. 3,9 Prozent in den Jahren 2015 und 2016 erhöhen....