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Since the beginning of 2022, monetary policy in the euro area has been gradually normalizing. As a result, bond yields of highly indebted countries such as Italy and Greece are rising more sharply than those of countries with less debt, such as Germany, a development referred to as bond market...
Persistent link: https://www.econbiz.de/10013426463
Seit Anfang 2022 normalisiert sich die Geldpolitik im Euroraum schrittweise. Infolgedessen steigen die Anleiherenditen hoch verschuldeter Länder wie Italien und Griechenland stärker als die von Ländern mit niedrigerer Verschuldung, wie beispielsweise Deutschland - eine Entwicklung, die als...
Persistent link: https://www.econbiz.de/10013427612
This article examines the misconceptions about modern money theory (MMT) put forward by . The author divides her critique into three categories. First, the Drumetz/Pfister article erroneously indicates that MMT focuses exclusively on the means-of-payment function of money, that it considers...
Persistent link: https://www.econbiz.de/10014441459
Asymmetrische Anpassung von Geschäftsbankenzinsen im Eurogebiet: Eine empirische Analyse des Zins-Pass-Through Unsere Studie erweitert die traditionelle Literatur des Zins-Pass-Through durch die Berücksichtigung von Kointegrationsbeziehungen und der korrespondierenden...
Persistent link: https://www.econbiz.de/10014521518
We apply complexity theory to financial markets to show that excess liquidity created by the Eurosystem has led to critical transitions in the configuration of interest rates. Complexity indicators turn out to be useful signals of tipping points and subsequent regime shifts in interest rates. We...
Persistent link: https://www.econbiz.de/10014523281
Der vorliegende Beitrag befaßt sich mit den Auswirkungen alternativer Geldmarktsteuerungsverfahren auf den Informationsgehalt der Zinsstruktur am kurzen Laufzeitende und diskutiert die Implikationen für die Unsicherheit im Finanzsektor. Die empirische Analyse verwendet Tagesdaten für den...
Persistent link: https://www.econbiz.de/10014523354
Economic studies on the degree of competition (DC) in banking systems use various measures which are subsumed under the 1) structure- (e.g. Herfin­dahl-Hirschman index), 2) conduct- (e.g. Boone indicator) or 3) performance-oriented approach (e.g. Lerner index). Yet, the respective empirical...
Persistent link: https://www.econbiz.de/10014523381
The paper analyzes the experience with unconventional measures to cope with the Zero Lower Bound. It argues that forward guidance and quantitative easing are the natural extension of optimal monetary policy within the New Keynesian Framework, facing a Lower Bound. Unconventional policy had...
Persistent link: https://www.econbiz.de/10014524569
This paper investigates the impact of Covid-19 pandemic and monetary policy measures adopted by the European Central Bank (ECB) on the sovereign risk for the European Monetary Union (EMU) countries for the period between March-2020 and November-2020 using daily data. The impact of Covid-19 and...
Persistent link: https://www.econbiz.de/10014547832
This study examines the effectiveness of non-linear monetary policy interest rate channel shocks for the Turkish economy using the threshold VAR analysis in the period of 2006-2019. The interest channel is examined with the two models for both consumption transfer and investment transfer models....
Persistent link: https://www.econbiz.de/10014558440