Welche Rolle spielt die monetäre Basis in der Geldpolitik von heute? Dieser Beitrag enthält eine selektive und zeitgerechte Darstellung der Literatur über die möglichen Rollen der monetären Basis in der Geldpolitik. Er unterstreicht, dass, während die monetäre Basis den Kern des...

A remarkable development seen in recent years is the pronounced decline in euro area M1 velocity a moderate decline in short-term interest rates, which represent the most natural opportunity cost for M1, suggesting an increase in the interest rate elasticity of M1 demand. In fact, estimating a...

Well-functioning risk-sharing arrangements are essential for the shock absorbing capacity and resilience of an economy, even more so for countries in a monetary union where the single monetary policy is unable to address asymmetric shocks. The common shocks that euro area member states have been...