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Time series analysis of the Deutsche Bundesbank’s Target claims and possible connections to the ECB’s expansionary monetary policy

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  • Nicole Storp
  • Tobias Kordsmeyer

Abstract

Nicole Storp and Tobias Kordsmeyer (University of Göttingen) are investigating the dynamic development of the Deutsche Bundesbank’s Target balances. In the period from January 1, 1999 to December 31, 2018, the authors observed three sharp increases in the Deutsche Bundesbank’s Target claims. Their analysis shows that turbulence on the European interbank market probably caused the first spike, while the European Central Bank’s expansionary monetary policy contributed to the two subsequent spikes.

Suggested Citation

  • Nicole Storp & Tobias Kordsmeyer, 2019. "Time series analysis of the Deutsche Bundesbank’s Target claims and possible connections to the ECB’s expansionary monetary policy," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 72(06), pages 26-28, March.
    • Handle: RePEc:ces:ifosdt:v:72:y:2019:i:06:p:26-28
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    References listed on IDEAS

    as
    1. Peter C. B. Phillips & Shuping Shi & Jun Yu, 2014. "Specification Sensitivity in Right-Tailed Unit Root Testing for Explosive Behaviour," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 76(3), pages 315-333, June.
    2. Niklas Potrafke & Markus Reischmann, 2013. "Explosive Target Balances," CESifo Working Paper Series 4297, CESifo.
    3. Hans-Werner Sinn, 2018. "Bundesbank Holds Almost 1,000 Billion in Target Claims: What Lies Behind Them?," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 71(14), pages 26-37, July.
    4. Potrafke, Niklas & Reischmann, Markus, 2014. "Explosive Target balances of the German Bundesbank," Economic Modelling, Elsevier, vol. 42(C), pages 439-444.
    5. Caspi, Itamar, 2013. "Rtadf: Testing for Bubbles with EViews," MPRA Paper 58791, University Library of Munich, Germany, revised 06 Sep 2014.
    6. Niklas Potrafke & Markus Reischmann, 2014. "The German Bundesbank's Target Claims: a Time Series Analysis," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 67(14), pages 31-34, July.
    7. Peter C. B. Phillips & Shu-Ping Shi & Jun Yu, 2011. "Specification Sensitivity in Right-Tailed Unit Root Testing for Explosive Behavior," Working Papers 15-2011, Singapore Management University, School of Economics.
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    More about this item

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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