Das vorliegende Gutachten liefert eine umfassende Analyse der Vor- und Nachteile revolvierender Fonds als Instrument zur Neuausrichtung der Förderpolitik. Dabei ist zwischen zwei Fragen zu trennen: Zum einen bieten Fonds die Möglichkeit der intertemporalen Optimierung von...

We compare the findings of central bank researchers and academic economists regarding the macroeconomic effects of quantitative easing (QE). We find that central bank papers find QE to be more effective than academic papers do. Central bank papers report larger effects of QE on output and in...

With central banks becoming monetary authorities, research departments have become a core element of a modern central bank. Crucial elements of a central bank research department are contributing to monetary policymaking and sustaining a dialogue with the academic community. The importance of...