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In this paper it is shown that the ECB's main refinance rate, measured by various Taylor-rules, is far too low for Germany for over half a decade. That entails risks for the stability of Germany's financial system. How strong these risks materialize depends on the extent to which German banks...
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This paper analyzes the interest rate pass-through for Germany and the euro area using for the first time a fully harmonized data set on bank retail rates. In a vector error correction model, the speed and completeness of the pass-through from market rates to bank interest rates are estimated...
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In this paper we estimate the magnitude of spillovers between bond markets in the U.S. and Germany following monetary policy communications by the FOMC and the ECB. The identification of policy-related co-movements following FOMC announcements, in particular, can be difficult because many...
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Der Zins-Pass-Through, also die Geschwindigkeit, mit der Geschäftsbanken einen Geldmarktimpuls an ihre Kunden … der Geldpolitik, da er die erste Stufe der geldpolitischen Transmission darstellt. Zum anderen lässt er auf den Wettbewerb …. Flankierend werden die aus der Literatur bekannten Determinanten des Zins-Pass-Through zusammengestellt. An ihnen orientiert …
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The terms and conditions on which bank loans are made to non-financial firms and households play a key role in the transmission of monetary policy. This paper analyses the relationship between German bank lending rates and both money market and capital market rates in the 1990s. This study...
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