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Topic Monetary Policy

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279 results, from 261
  • Diskussionspapiere 1365 / 2014

    On the Relationship between Public and Private Investment in the Euro Area

    This paper explores the long run relationship between public and private investment in the euro area in terms of capital stocks and gross investment flows. Panel techniques accounting for international spillovers are employed. While private and public capital stocks are cointegrated, the evidence is quite fragile for public and private investment flows. They enter a long run relationship only after ...

    2014| Christian Dreger, Hans-Eggert Reimers
  • Externe referierte Aufsätze

    Money Demand and the Role of Monetary Indicators in Forecasting Euro Area Inflation

    This paper examines the stability of money demand and the forecasting performances of a broad monetary aggregate (M3), excess liquidity and excess inflation in predicting euro area inflation. The out-of sample forecasting performances are compared to a widely used alternative, the spread of interest rates. The results indicate that the evolution of M3 is still in line with money demand, even when observations ...

    In: International Journal of Forecasting 30 (2014), 2, S. 303-312 | Christian Dreger, Jürgen Wolters
  • DIW Economic Bulletin 5 / 2014

    Weak Inflation and Threat of Deflation in the Euro Area: Limits of Conventional Monetary Policy

    Inflation in the euro area has been below the European Central Bank's target for almost a year now and it is also expected to remain at a very low level in the near future. On the one hand, such a low level of inflation is not in line with the ECB's objective. On the other hand, there is the risk that this situation will lead to a slide into deflation. In view of the ECB's historically low policy rates, ...

    2014| Kerstin Bernoth, Marcel Fratzscher, Philipp König
  • Diskussionspapiere 1382 / 2014

    Unconventional Monetary Policy and Money Demand

    This paper investigates the usefulness of the money demand relationship in times of unconventional monetary policies by cointegration methods. In contrast to the bulk of the literature, evidence in favour of a stable long run money demand function is presented both for the US and the euro area. Results are based on standard monetary aggregates, i.e. MZM for the US and M3 in case of the euro area. The ...

    2014| Christian Dreger, Jürgen Wolters
  • DIW Economic Bulletin 11/12 / 2013

    TARGET Balances - An Anchor of Stability

    The debate about TARGET2, the payment system of the European System of Central Banks (ESCB), has resulted in controversial discussions in Germany in recent years. The present study by DIW Berlin concludes that fears often expressed in this context of the risks to Germany are largely unfounded. Germany is - in contrast to what is often claimed - one the beneficiaries of the Target system. In particular, ...

    2013| Marcel Fratzscher, Philipp König, Claudia Lambert
  • DIW Economic Bulletin 11/12 / 2013

    Settling TARGET Balances after the Euro Crisis: Seven Questions to Claudia Lambert and Philipp König

  • Diskussionspapiere 1339 / 2013

    Fiscal Adjustment and Business Cycle Synchronization

    Using a panel of annual data for 20 countries we show that synchronized fiscal consolidation (stimulus) programmes in different countries make their business cycles more closely linked, especially in the case of fiscal adjustments lasting 2 or 3 years. We also find: (i) little evidence of decoupling when an inflation targeting regime is unilaterally adopted; (ii) an increase in business cycle synchronization ...

    2013| Luca Agnello, Guglielmo Maria Caporale, Ricardo M. Sousa
  • Diskussionspapiere 1304 / 2013

    On the International Spillovers of US Quantitative Easing

    The paper analyses the global spillovers of the Federal Reserve's unconventional monetary policy measures. First, we find that Fed measures in the early phase of the crisis (QE1), but not since 2010 (QE2), were highly effective in lowering sovereign yields and raising equity markets in the US and globally across 65 countries. Yet Fed policies functioned in a procyclical manner for capital flows to ...

    2013| Marcel Fratzscher, Marco Lo Duca, Roland Straub
  • Diskussionspapiere 1288 / 2013

    The PPP Hypothesis Revisited: Evidence Using a Multivariate Long-Memory Model

    This paper examines the PPP hypothesis analysing the behaviour of the real exchange rates vis-à-vis the US dollar for four major currencies (namely, the Canadian dollar, the euro, the Japanese yen and the British pound). An innovative approach based on fractional integration in a multivariate context is applied to annual data from 1970 to 2011. Long memory is found to characterise the Canadian dollar, ...

    2013| Guglielmo Maria Caporale, Luis A. Gil-Alana, Yuliya Lovcha
  • Externe referierte Aufsätze

    Current Account Imbalances in the Euro Area: Does Catching up Explain the Development?

    In the debate on global imbalances, the euro area countries received inreasing attention since the outbreak of the financial crisis. While the current account is on balance for the entire area, divergences between individual member states have increased since the introduction of the common currency and are part of the excessive imbalances procedure. This paper explores the determinants of the imbalances ...

    In: Review of International Economics 21 (2013), 1, S. 6-17 | Ansgar Belke, Christian Dreger
279 results, from 261