Das vorliegende Papier behandelt die Rückwirkungen der Erkenntnisse der Behavioural Finance auf die Geldpolitik. Nach einer Begriffsdefinition und abgeleiteten generellen Implikationen werden speziell die Indikatorebene und der Transmissionsprozess der Geldpolitik dahingehend analysiert. Als...

In this paper, we analyze the volume of euro banknotes issued by Germany within the euro area with several seasonal methods. We draw a distinction between movements within Germany, circulation outside Germany but within the euro area and demand from non-euroarea countries. Our approach suggests...

This paper provides an overview of the role of money in modern macro models. In particular, we are focussing on New Keynesian and New Monetarist models to investigate their main findings and most significant shortcomings in considering money properly. As a further step, we ask about the role of...

This experimental study investigates the behavior of banks in a large value payment system. More specifically, we look at 1) the reactions of banks to disruptions in the payment system and 2) the way banks behavior changes to incentives of the central bank. The game used in this experiment is a...

This paper examines the decision function of the People’s Bank of China concerning setting of the renminbi exchange rate against the U.S. dollar. We use an ordinal dependent variable model to check whether main macroeconomic variables and repeated complaints from U.S. institutions and...

This paper examines the reaction of the Romanian financial markets to the changes of monetary policies in the US during 2013. Using daily data for Bucharest Stock Exchange main equity index, EURRON exchange rate, 5 and 2 year government bond price index and 5 year government CDS (USD) price, we...

Írásunk célja az euró magyarországi bevezetését övező makrogazdasági kérdések ismételt átgondolása. Ennek egyik fontos indítéka, hogy a hivatalos csatlakozási céldátumot a kormány anélkül tolta 2020-nál "nem korábbra", hogy azt szakmai eszmecsere vagy publikus...

The Bank of the Euro, that is the European Central Bank, is the topic of this paper, since on January 1999 started the European Monetary Union that introduced a single currency, the euro, which in turn will be managed by the European Central Bank. The paper takes in particular consideration what...

We develop a dynamic stochastic general equilibrium model to study bank risk and sovereign risk interdependence in the Euro Area. We find that an increase in capital investment risk shock, results in a considerably deeper recession when sovereign risk is also present. This result has three...

This paper studies the behavior of a central bank that seeks to conduct policy optimally while having imperfect credibility and harboring doubts about its model. Taking the Smets-Wouters model as the central bank's approximating model, the paper's main findings are as follows. First, a central...