This paper reviews the experience of the ECB with the two-tier system for excess reserve remuneration that exempted a portion of banks' excess liquidity (EL) holdings from the negative interest rate of the ECB's deposit facility. The two-tier system aimed to support the bank-based transmission...

The Eurosystem implements its monetary policy through a set of monetary policy instruments (MPIs) that are either part of the standard toolbox or are developed to deal with major economic and financial events with a potential adverse impact on price stability and/or the transmission of monetary...

We solicit household expectations about the economic costs of the COVID-19 pandemic. Households expect output to decrease by about 6 percent and inflation to increase by 5 percentage points in the 12 months following March 2020. We also document that the uncertainty about the overall effect is...

Im Jahr 2020 publizierte das Bundesfinanzministerium den 5. Tragfähigkeitsbericht zur Staatsverschuldung in Deutschland für den Zeitraum bis 2060. Ausgangspunkt ist die zutreffende Erkenntnis, dass die von der Alterung der Gesellschaft abhängigen Kostensteigerungen auf lange Sicht über der...

Studie zu Dispozinsen / Ratenkrediten Aktenzeichen: 514-06.01-2810HS034 Laufzeit 8/2011 – 5/2012 - Zusammenfassung – In Deutschland verfügen etwa 80 Prozent der Haushalte über einen Dispositionskredit. Bei beträchtlicher Variation liegt der eingeräumte Kreditrahmen bei knapp dem 3-fachen...

This paper discusses the impact that a retail central bank digital currency (CBDC) could have on the implementation of monetary policy. Monetary policy implementation could be affected if the introduction of the retail CBDC changes the volume of commercial bank deposits held by customers, which...

This paper contributes to the ongoing debate about the changing dynamics in the money market rates after 2007. It aims to analyse the interest rate channel of monetary policy transmission until the federal funds target rate reached the zero lower bound. A set of different model explains both...

This paper aims to devise a monetary policy instrument rule that is suitable for open economies undergoing monetary convergence to a common currency area. The open-economy convergence-consistent Taylor rule is forward-looking, consistent with monetary framework based on inflation targeting,...

This paper shows that the monetary policy paradigm that was in place before the financial crisis worked very well and that the crisis occurred only after policy makers deviated from that paradigm. The paper also evaluates monetary policy during the financial crisis by dividing the crisis into...