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Unemployment as a Target for Central Banks? The Case of Hysteresis

Belke, Ansgar - In: Credit and Capital Markets – Kredit und Kapital 51 (2018) 4, pp. 587-619

durch die Geldpolitik, zu einer Umkehr dieser Effekte beitrug. Der Hysterese-Ansatz nach Blanchard und Summers sollte jedoch … nicht wörtlich genommen und eins zu eins in Empfehlungen für die Geldpolitik aufgehen. Lediglich auf die harte Form der … werden. Sie lassen in der Tat Spielraum für die Geldpolitik, aber auf etwas komplexere Weise. Falls die …

Persistent link: https://www.econbiz.de/10014524305

Monetary and Macroprudential Policies in an Intangible Economy

Baldi, Guido; Bodmer, André - In: Credit and Capital Markets – Kredit und Kapital 53 (2020) 3, pp. 325-353

Advanced economies are increasingly based on intangible capital. Intangible capital has at least two special characteristics compared to tangible capital. First, it can be simultaneously used to produce different goods. Second, it is less suitable as collateral for obtaining external funds than...

Persistent link: https://www.econbiz.de/10014524316

Mario Draghi und Helmut Schmidt – Retter, die gegen die Verfassung verstießen. Oder: Das Bundesverfassungsgericht entscheidet über die richtige Finanztheorie

Winkler, Adalbert - In: Credit and Capital Markets – Kredit und Kapital 47 (2014) 2, pp. 213-240

mandatskonformes Handeln einer Zentralbank in einer Finanzkrise andere Theorien über die Verfasstheit von Finanzmärkten nicht in …

Persistent link: https://www.econbiz.de/10014524501

Do Large TARGET2 Balances Bear Risks for the Euro Area?

Horst, Maximilian J.; Neyer, Ulrike - In: Credit and Capital Markets – Kredit und Kapital 55 (2022) 1, pp. 3-34

Large increases in TARGET2 balances in the euro area since 2008 have led to concern and debate about the appropriate interpretation and policy reaction – in particular in TARGET2 creditor countries such as Germany. Against this background, we examine the main drivers of the increases and...

Persistent link: https://www.econbiz.de/10014524549

The Impact of the Bank of Japan's Low-Interest Rate Policy on the Japanese Banking Sector

Gerstenberger, Juliane; Schnabl, Gunther - In: Credit and Capital Markets – Kredit und Kapital 54 (2021) 4, pp. 533-562

This paper presents an analysis of the impact of the Bank of Japan's low-interest rate policy on the banking sector in the wake of the 1998 Japanese financial crisis. We show how the low-cost liquidity provision as a means to stabilize banks has created a growing gap between deposits and loans...

Persistent link: https://www.econbiz.de/10014524627

Macroeconomic Policy Making and Current Account Imbalances in the Euro Area

Murai, Taiki; Schnabl, Gunther - In: Credit and Capital Markets – Kredit und Kapital 54 (2021) 3, pp. 347-373

The paper analyses the role of fiscal and monetary policy for the development of the current account imbalances in the euro area, including the most recent developments during the coronavirus crisis. Several financial transmission channels such as international bank lending, changes in TARGET2...

Persistent link: https://www.econbiz.de/10014521523

The Interest Rate Sensitivity of Investment

Baldi, Guido; Lange, Alexander - In: Credit and Capital Markets – Kredit und Kapital 52 (2019) 2, pp. 173-190

The interest rate sensitivity of investment has often played an important role in macroeconomic models. However, many vector autoregressive (VAR) models do not include investment to the list of variables. In this paper, we empirically investigate the size and the evolution of the interest rate...

Persistent link: https://www.econbiz.de/10014521636

Monetary Instability, Lack of Integration, and the Curse of a Commodity Money Standard. The German Lands, c.1400–1900 A. D.

Rössner, Philipp Robinson - In: Credit and Capital Markets – Kredit und Kapital 47 (2014) 2, pp. 297-340

Currency debasement, defined as a loss of precious metal content (intrinsic value) of the circulating penny currencies over time, was a common feature in the monetary history of Europe, c. 1400–1900. Over the centuries the loss rate was sustained; between 1400 and 1900 A. D. the (south) German...

Persistent link: https://www.econbiz.de/10014521702

Extraordinary Times Require Extraordinary Action: Boosting European Demand by Means of Investment Helicopter Money

Gries, Thomas; Mitschke, Alexandra - In: Credit and Capital Markets – Kredit und Kapital 54 (2021) 2, pp. 137-172

This theoretical contribution analyzes remaining monetary policy tools and their ability to reestablish sound macroeconomic conditions in the euro area. Motivated by the observation of a lack of investment in the macroeconomy and subdued inflation, we review current monetary policy challenges...

Persistent link: https://www.econbiz.de/10014521877

Monetary Policy Crisis Management as a Threat to Economic Order

Freytag, Andreas; Schnabl, Gunther - In: Credit and Capital Markets – Kredit und Kapital 50 (2017) 2, pp. 151-169

geldpolitischen Krisenmanagements der Europäischen Zentralbank auf die Wirtschaftsordnung. Es wird argumentiert, dass im Europa der … Gesamteuropa war. Es wird gezeigt, dass die geldpolitischen Rettungsmaßnahmen der Europäischen Zentralbank die konstituierenden … politische Instabilität nach sich zieht, wird ein baldiges Ende der ultralockeren Geldpolitik gefordert. …

Persistent link: https://www.econbiz.de/10014521939