IDEAS home Printed from https://ideas.repec.org/p/zbw/ifwbox/20134.html
   My bibliography  Save this paper

Zum Risiko einer anhaltenden monetären Expansion für Deutschland

Author

Listed:
  • van Roye, Björn

Abstract

Während sich viele Länder im Euroraum in einer Rezession befinden, zeigt sich die deutsche Konjunktur trotz der schwachen Auslandsnachfrage seitens der europäischen Nachbarn und der immer wieder aufkommenden Unsicherheit im Zusammenhang mit der Staatsschuldenkrise vergleichsweise robust. Da sich die Europäische Zentralbank (EZB) bei ihren geldpolitischen Entscheidungen an der durchschnittlichen Entwicklung im Euroraum orientiert, sieht sich Deutschland vor diesem Hintergrund einer besonderen geldpolitischen Situation gegenüber. So ist die geldpolitische Ausrichtung der EZB - gemessen an der Kapazitätsauslastung und der Inflation in Deutschland - bereits seit einigen Jahren zu expansiv ausgerichtet. Die maßgeblichen Leitzinsen liegen nach wie vor deutlich unter dem (normativen) Taylor-Zins, zuletzt in einer Größenordnung von reichlich 2 Prozentpunkten.

Suggested Citation

  • van Roye, Björn, 2013. "Zum Risiko einer anhaltenden monetären Expansion für Deutschland," Kiel Insight 2013.4, Kiel Institute for the World Economy (IfW Kiel).
    • Handle: RePEc:zbw:ifwbox:20134
    as

    Download full text from publisher

    File URL: https://www.econstor.eu/bitstream/10419/201063/1/ifw-box-2013-04.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. John B. Taylor, 2012. "Monetary Policy Rules Work and Discretion Doesn’t: A Tale of Two Eras," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 44(6), pages 1017-1032, September.
    2. Gern, Klaus-Jürgen & Jannsen, Nils & Plödt, Martin & van Roye, Björn & Scheide, Joachim & Boysen-Hogrefe, Jens & Groll, Dominik & Schwarzmüller, Tim, 2013. "Weltkonjunktur im Frühjahr 2013," Kiel Discussion Papers 518/519, Kiel Institute for the World Economy (IfW Kiel).
    3. Rudiger Ahrend & Boris Cournède & Robert Price, 2008. "Monetary Policy, Market Excesses and Financial Turmoil," OECD Economics Department Working Papers 597, OECD Publishing.
    4. Boysen-Hogrefe, Jens & Gern, Klaus-Jürgen & Jannsen, Nils & Plödt, Martin & van Roye, Björn & Scheide, Joachim & Groll, Dominik & Kooths, Stefan, 2012. "Weltkonjunktur und deutsche Konjunktur im Winter 2012," Kiel Discussion Papers 514/515, Kiel Institute for the World Economy (IfW Kiel).
    5. Projektgruppe Gemeinschaftsdiagnose, 2010. "Economic Upswing in Germany - Major Decisions Facing Economic Policy," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 63(20), pages 03-61, October.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Brito Paulo & Marini Giancarlo & Piergallini Alessandro, 2016. "House prices and monetary policy," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 20(3), pages 251-277, June.
    2. Boris Hofmann & Bilyana Bogdanova, 2012. "Taylor rules and monetary policy: a global "Great Deviation"?," BIS Quarterly Review, Bank for International Settlements, September.
    3. Nicholas Apergis & Chritina Christou & Tasawar Hayat & Tareq Saeed, 2020. "U.S. Monetary Policy and Herding: Evidence from Commodity Markets," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 48(3), pages 355-374, September.
    4. Timo Wollmershäuser & Wolfgang Nierhaus & Nikolay Hristov & Tim Oliver Berg & Christian Breuer & Johanna Garnitz & Christian Grimme & Atanas Hristov & Robert Lehmann & Wolfgang Meister & Magnus Reif &, 2016. "Ifo Economic Forecast 2016/2017: Upturn in Germany Enters Second Half," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 69(12), pages 21-57, June.
    5. Boysen-Hogrefe, Jens & Gern, Klaus-Jürgen & Groll, Dominik & Jannsen, Nils & Kooths, Stefan & Plödt, Martin & Schwarzmüller, Tim & van Roye, Björn & Scheide, Joachim, 2014. "Finanz- und Wirtschaftspolitik bei einer anhaltenden monetären Expansion," Kieler Beiträge zur Wirtschaftspolitik 5, Kiel Institute for the World Economy (IfW Kiel).
    6. Douglas Sutherland & Peter Hoeller & Balázs Égert & Oliver Röhn, 2010. "Counter-cyclical Economic Policy," OECD Economics Department Working Papers 760, OECD Publishing.
    7. Hertrich Markus, 2019. "A Novel Housing Price Misalignment Indicator for Germany," German Economic Review, De Gruyter, vol. 20(4), pages 759-794, December.
    8. repec:hal:spmain:info:hdl:2441/74362fq3f99s299n07e84dlcib is not listed on IDEAS
    9. Belke, Ansgar & Klose, Jens, 2010. "(How) Do the ECB and the Fed React to Financial Market Uncertainty? – The Taylor Rule in Times of Crisis," Ruhr Economic Papers 166, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
    10. Frank A.G. den Butter & Mathieu L.L. Segers, 2014. "Prospects for an EMU between Federalism and Nationalism," Tinbergen Institute Discussion Papers 14-008/VI, Tinbergen Institute.
    11. Jiang, Lei, 2014. "Stock liquidity and the Taylor rule," Journal of Empirical Finance, Elsevier, vol. 28(C), pages 202-214.
    12. Christophe Blot & Paul Hubert & Fabien Labondance, 2017. "Does monetary policy generate asset price bubbles ?," SciencePo Working papers Main hal-03471824, HAL.
    13. Pablo Paniagua, 2023. "Money and the rule of Law," Constitutional Political Economy, Springer, vol. 34(2), pages 260-266, June.
    14. Lilia Maliar & Serguei Maliar & John B. Taylor & Inna Tsener, 2020. "A tractable framework for analyzing a class of nonstationary Markov models," Quantitative Economics, Econometric Society, vol. 11(4), pages 1289-1323, November.
    15. Jonathan Benchimol & André Fourçans, 2016. "Nominal income versus Taylor-type rules in practice," Working Papers hal-01357870, HAL.
    16. José Mauricio Gil León, 2015. "Relación entre política monetaria y estabilidad financiera: un análisis aplicado para Colombia," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 33(77), pages 133-148, June.
    17. Nicolas Cachanosky, 2014. "The Mises-Hayek business cycle theory, fiat currencies and open economies," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 27(3), pages 281-299, September.
    18. Alessandro Piergallini, 2021. "Fiscal Stimulus of Last Resort," Papers 2104.02753, arXiv.org.
    19. Maxime Menuet & Alexandru Minea & Patrick Villieu, 2018. "Deficit, monetization, and economic growth: a case for multiplicity and indeterminacy," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 65(4), pages 819-853, June.
    20. Lane, Philip, 2015. "Macro-Financial Stability under EMU," CEPR Discussion Papers 10776, C.E.P.R. Discussion Papers.
    21. Hossain, Akhand Akhtar & Arwatchanakarn, Popkarn, 2017. "Does Money Have a Role in Monetary Policy for Price Stability under Inflation Targeting in Thailand?," Journal of Asian Economics, Elsevier, vol. 53(C), pages 37-55.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:zbw:ifwbox:20134. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ZBW - Leibniz Information Centre for Economics (email available below). General contact details of provider: https://edirc.repec.org/data/iwkiede.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.