The paper contributes to the ongoing discussion about appropriate policies towards banks when economic growth is lagging. Whereas the European Commission and representatives of the German government argue that strict banking regulation harms economic growth, the comparison between Europe and the...

In Deutschland wurde erstmals der antizyklische Eigenkapitalpuffer für Banken aktiviert. Die Eigenkapitalanforderungen wurden um den kleinstmöglichen Schritt erhöht. Außerdem erfolgt die Umsetzung im Vergleich zu anderen europäischen Ländern relativ spät. Dieses Muster der kleinen und...

Makroprudenzielle Politik hat das Ziel, die Stabilität des Finanzsystems zu überwachen und zu sichern. Systemrisiken entstehen, wenn Schieflagen in Teilen des Finanzsystems die Funktionsweise der Finanzmärkte und damit die realwirtschaftliche Entwicklung beeinträchtigen. Ziel dieser Politik...

Vor 100 Jahren mündete die Große Inflation, die bereits 1914 mit dem Ersten Weltkrieg ihren Anfang nahm, in der Hyperinflation von 1923. Bis heute herrscht in der deutschen Bevölkerung und Politik eine Inflationsaversion. Anlässlich dieses Jubiläums und der zuletzt stark gestiegenen...

The article treats the history of Germany's Great Inflation from 1914 to 1923. It focusses on explaining the turning points of wholesale price trends. It demonstrates that these were mostly triggered by national and international political decisions immediately impacting the mark exchange rate....

It seems clear that the ECB will raise interest rates in July 2022 and end its asset purchase program. This should send a strong and important signal to markets and economic players that the ECB continues to take its mandate for price stability seriously. However, it cannot be said with absolute...

Inflation rates in the euro area have reached historic highs due in large part to high energy prices. As the euro area is a net importer of energy, one refers to this inflation as imported inflation. There is a danger that these high inflation rates will become entrenched in inflation...

Whereas strong demand is a key factor driving high inflation in the US, inflation in the Euro Area is mainly due to adverse external supply shocks (in Europe, energy prices are much higher due to the war in Ukraine). Standard monetary policy response to such shocks is to accommodate first-round...

The COVID-19 pandemic massively interrupted economic activity all over the world. Governments responded by running huge fiscal deficits (financed via central banks) to support firms and consumers, thereby injecting purchasing power into the private sector on a large scale. With no corresponding...

Monetary policy currently has only limited room for manoeuvre to fight inflation. Structural supply problems, war and past omissions are having an impact. Inflation is hitting those hardest who cannot pass on the price increase. There is no evidence of a wage-price spiral in Germany at present....