The predominant role of cross border financial flows for macroeconomic and financial stability has imposed complex policy trade-offs for emerging economies, especially after the global financial crisis. This note provides a brief account of the macroprudential policy approach adopted in Turkey...

Can monetary policy prevent real estate bubbles from harming economic welfare? The European Central Bank (ECB) has to conduct monetary policy for the Euro area as a whole, but her policy affects countries with rapidly rising house prices (e.g. Spain) in a markedly different way than those with...

The green bond market has grown strongly in recent years, especially in the euro area. With regard to the European Union's climate targets, it is likely that the demand for green bonds-bonds that specifically support sustainable projects-will continue to increase in the future. The European...

Die Staatsanleihekäufe der EZB sind zu einem Fall für das Bundesverfassungsgericht geworden. Die Autoren des IW Köln argumentieren, dass das Outright-Monetary-Transactions-Programm noch innerhalb der Grenzen des EZB-Mandats liegt, aber wegen seiner Nachteile nur temporär eingesetzt werden...

Die Unterscheidung zwischen gemeinsamen durch die EZB verantworteten geldpolitischen Maßnahmen des Eurosystems und eigenen, nicht-geldpolitischen Operationen der nationalen Notenbanken der Euro-Mitgliedstaaten stellt eine Besonderheit der Europäischen Währungsunion dar. Das jetzt...

This paper evaluates inflation forecasts made by Norges Bank which is a successful forecast targeting central bank. It is expected that Norges Bank produces inflation forecasts that are on average better than other forecasts, both naive forecasts, and forecasts from econometric models outside...

Recently, convincing evidence has been presented that the recession in the wake of the recent financial crisis resulted primarily from an overly levered housing sector that was forced to deleverage and cut consumption spending when faced with collapsing housing prices. Following this...