In der Geldpolitik der Europäischen Zentralbank scheinen die Tauben durch Falken abgelöst worden zu sein. Dabei ist eine zu restriktive Geldpolitik eine Gefahr für die europäische Realwirtschaft und eine durch zu hohe Leitzinsen begünstigte Rezession möglichst zu vermeiden. Eine stark...

Das Jahr 2022 - ein Zeitenumbruch. Inwiefern ist dieser Zeitenumbruch mit einem gesellschaftlichen Gestaltungswillen verbunden? Der vorliegende Artikel will Argumente dafür liefern, diesen Zeitenumbruch im aktiven Sinne zu verstehen - als Ausdruck der kooperativen Gestaltung und des effektiven...

In this paper, we develop a structural model to estimate the current level of the natural rate for a small open economy, featuring a rich set of shocks to provide economic intuition for its underlying drivers. The model follows the New Keynesian tradition with several frictions and is able to...

We contribute new empirical evidence on monetary policy communication and inflation expectations by firms. First, we construct a new indicator of the perceived tone of monetary policy communication that complements traditional indicators of the effective tone. Both have the expected negative...

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...

Modern monetary theory (MMT) has grown in popularity in recent years. Several central bankers have made passing comments about it. However, the publication of two papers by Drumetz/Pfister of the Banque de France in 2021 represents the first attempt at a more systematic assessment of MMT by two...

Changes in interest rates, inflation, and exchange rates are the main components of macroeconomic risks (financial risks) in projects evaluation. However, the conduct of monetary policy as well as its impact on the economic environment is seldom considered as an important component of...

We construct an empirical test of whether the anticipation of adoption of inflation targeting affects the inflation rate. We observe that most of the central banks adopt the regime after first achieving significant disinflation. With pre-inflation-targeting-disinflation, initial targets are met...

This article presents the results of a comprehensive cross-country analysis of central banks' reaction functions in eighteen emerging economies from 2000Q1 to 2017Q4. Utilizing quarterly panel data, the study employs the generalized method of moments (GMM) alongside pooled OLS and fixed-effects...