Der Preis der Schwedischen Reichsbank für Wirtschaftswissenschaften im Gedenken an Alfred Nobel geht an Ben Bernanke, Douglas Diamond und Philip Dybvig. Nach Ansicht der Königlich Schwedischen Akademie der Wissenschaften haben die Preisträger "unser Verständnis der Rolle der Banken in der...

Die EZB plant ebenso wie die US-amerikanische Federal Reserve, ihr Infl ationsziel leicht auf 2 % anzuheben und dies im Durchschnitt mehrerer Jahre zu erreichen. Tatsächlich liegt die Infl ationsrate aber trotz der sehr lockeren Geldpolitik deutlich unter 2 %. Werden die Maßnahmen gegen die...

The study discusses the distribution of roles between monetary and fiscal policy in stabilising the price level. It questions the view that price level stabilisation should be the sole responsibility of central banks. It argues that there is a case for national governments also being responsible...

The ECB has embarked on an uncertain path with the digital euro project. It is pursuing a strategy that is unclear about whatproblems it is trying to solve and what specific goals it is trying to achieve. The ECB has not yet been able to diagnose a clear marketfailure that would justify such...

The paper discusses central digital currencies (CBDCs) with an analytical focus on the European Central Bank's Digital Euro (D€) project, which provides a unique lens for assessing the potential and challenges of CBDCs. The paper differs from the literature on CBDCs and the D€ by adopting a...

This paper shows that important insights for fiscal policy can be derived from Joseph Schumpeter's academic work. This concerns his fundamental distinction between theories in which the monetary sphere is identical with the real sphere ("real analysis"), and theories in which financial sphere is...