Erler, Alexander; Hohberger, Stefan - In: CESifo economic studies : CESifo, a joint initiative of … 62 (2016) 3, pp. 491-505
The article assesses the real costs and profits of German claims on the Eurosystem through TARGET2. While Germany’s nominal profits from holding TARGET2 claims depend on the development of the nominal interest rate, the real profits are determined by the real interest rate as well as the real...
