Die Liquiditätsausweitung des Eurosystems seit dem Herbst 2008 hat zu einer massiven Überschussliquidität im Bankensektor geführt, die sich in entsprechend hohen Einlagen der Geschäftsbanken beim Eurosystem widerspiegelt. Vor diesem Hintergrund untersucht dieser Beitrag, welchen Einfluss...

Large increases in TARGET2 balances in the euro area since 2008 have led to concern and debate about the appropriate interpretation and policy reaction – in particular in TARGET2 creditor countries such as Germany. Against this background, we examine the main drivers of the increases and...

Im November 2014 wird die Europäische Zentralbank (EZB) die Bankenaufsicht im Euroraum übernehmen. Die vorliegende Arbeit skizziert den bisherigen Weg zur einheitlichen Bankenaufsicht und beschreibt kurz die Kernpunkte der entsprechenden Verordnung. Es werden dann die Vor- und Nachteile einer...

The German hyperinflation in 1923 was caused by monetary financing of the highly deficient German state budget by a de-pendent central bank. The social and economic consequences of the hyperinflation were disastrous. Combined with an instable politi-cal atmosphere, paving the way for the rise of...

This paper introduces a theoretical model of an interbank market and a central bank that implements an interest corridor system in order to exert control over the overnight interbank rate. We analyze in how far interbank market frictions in the form of broadly defined transaction costs influence...

Many central banks discuss the introduction of a Central Bank Digital Currency (CBDC). Empirical evidence suggests that households may differ in their willingness to hold CBDC. Against this background, this paper investigates the macroeconomic effects of different CBDC regimes in a New Keynesian...

This paper proposes rules for the control of interbank rate volatility under different interest corridor systems when volatility stems from interbank market frictions. Friction-induced volatility will occur if there is heterogeneity in two dimensions (across banks and time) with respect to the...