This paper investigates in a consistent semi-structural empirical framework three current issues of monetary policy in the euro area. First, regarding policy transmission we offer a three-stage procedure to combine the efficient estimation of economic structure prior to EMU with current ECB...

This paper uses a semi-structural dynamic modelling approach to investigate asymmetric monetary transmission in Europe. A system of equations containing reaction functions for monetary policy, output and inflation equations is simultaneously estimated for France, Germany, and Italy. Extensive...

Seit 2001 trat im Euro-Raum ein starkes Geldmengenwachstum auf, dem kein entsprechender Verbraucherpreisauftrieb folgte. Ist die Geldmenge als Steuerungsinstrument der Geldpolitik obsolet geworden? Auf welchem geldpolitischem Konzept sollte die Strategie der Europäischen Zentralbank basieren?

Recent theoretical research has studied extensively the link between wage setting and monetary policymaking in unionized economies. This paper addresses the question of the role of monetary uncertainty from both an empirical and theoretical point of view. Our analysis is based on a simple model...

This paper provides background information and basic descriptive statistics for a representative survey of the German population conducted on our behalf by GfK in the first quarter of 2018. The survey covers various topics, including: 1) attitudes towards asylum seekers; 2) migrating workers in...

This paper analyses whether interest rate paths in the EMU member countries would have been different if the previous national central banks had not handed over monetary policy to the ECB. Using estimates of monetary policy reaction functions over the last 20 years before the formation of EMU,...

This paper compares the ECB's conduct of monetary policy with that of the Bundesbank. Estimated monetary policy reaction functions for the Bundesbank (1979:4-1998:12) and the European Central Bank (1999:1-2004:5) show that, while the ECB and the Bundesbank react similarly to expected inflation,...

Dieser Beitrag vergleicht auf der Grundlage von Zentralbank-Reaktionsfunktionen das Verhalten der Europäischen Zentralbank (EZB) mit dem der Deutschen Bundesbank und untersucht die makroökonomischen Implikationen für die Bundesrepublik Deutschland. Bei Zugrundelegung von Daten für das...