The paper discusses potential effects of a central bank digital currency (CBDC) on liquidity and monetary policy. CBDC could benefit the payment system but could also pose macroeconomic/financial challenges if demand for CBDC becomes high. High CBDC demand can affect banks' balance sheets,...

This paper offers a narrative description of Western European monetary policies during the 1980s, seen from a French and European perspective and based on the archives of the General Council of the Bank of France and of the Committee of Governors (CoG) of the central banks of the member states...

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...

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....

Der Klimawandel wird einen tiefgreifenden Einfluss sowohl auf die europäische als auch die globale Wirtschaft haben. Bei der Frage nach dem Handlungsbedarf für Zentralbanken wie die EZB ist unstrittig, dass Zentralbanken notwendige Schritte zu Sicherstellung von Preis- und Finanzstabilität im...

Der vorliegende Beitrag analysiert Helmedags neuste Version des Saldenmechanischen Modells (SM), mit dessen Hilfe eine angeblich langfristig bestehende, relative Konstanz der Lohnstückkosten erklärt werden soll. Die realen Lohnstückkosten steigen jedoch in der Bundesrepublik Deutschland...