The ECB warned against exaggerated valuations in many asset markets as the region continues to recover from the coronavirus pandemic thanks to ultra-low interest rates and massive stimulus measures, reports Matt Clinch....
Monat: November 2021
Mit Peitsche und Zuckerbrot: Die Auswirkungen der Negativzinspolitik der EZB auf das Bankensystem
Gunther Schnabl und Nils Sonnenberg erklären, wie die EZB die Profitabilität der Banken schwächt und sie gleichzeitig in einer Weise stärkt, die es ihr ermöglicht, mit Hilfe der Geschäftsbanken politische Ziele umzusetzen. Mit Hilfe der Negativzinspolitik werden Banken aus dem südlichen Euroraum wie auch Großbanken gestützt....
Determinants of Japanese Household Saving Behavior in the Low-Interest Rate Environment
Sophia Latsos and Gunther Schnabl scrutinize the role of expansionary monetary policy on the savings behavior of Japanese households. They find that monetary policy had a significant impact on Japan’s household behavior via the interest rate channel and the redistribution channel but not the labor income channel....
Inflation Target and Inflation Measurement in the Euro Zone in Transition
Many people in the euro area are increasingly feeling that the loss of purchasing power is higher than the officially measured inflation rates. Gunther Schnabl discusses how price stability is measured and how the implementation of the price stability goal by the ECB has changed....
Negative Interest Rates and the ECB’s Brave New Credit World
While the US Federal Reserve is making significant efforts to prevent the money market rate from falling below zero, negative interest rates are appearing in many segments of the euro area’s financial markets. Gunther Schnabl and Nils Sonnenberg explain why this is the case and what it means for prosperity....
Japanese monetary policy and household saving
Karl-Friedrich Israel, Tim Sepp and Nils Sonnenberg analyze the impact of monetary policy on household saving in Japan between 1993 and 2017. They show that monetary expansion has contributed to a widening gap in households’ net saving through an adverse effect on the volume of saving of non-academic households. They document how inequality in terms...