IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this article or follow this journal

Europäischer geldpolitischer Exit im Zeichen von QE2 und Staatsanleihekäufen der EZB

  • Ansgar Belke
  • Gunther Schnabl

A sequence of crises and emergency interest rate cuts has moved global interest rates towards zero and government debt to historical records. We discuss the available options to exit from unconventional monetary policies and unsustainable government debt. First, we shed light on the probability of a coordinated exit from expansionary monetary policies across the Atlantic. Second, we assess the options of coordinating the supranational monetary policy with national fiscal policies in the European Monetary Union. Third, we investigate the quasi-fiscal activities of the European Central Bank in the context of outright government bond purchases and, even more important, within its normal operations. We conclude that-due to the complexity of the coordination task-the coordination of the non-exit is more likely than any coordination of the exit. Wandernde Blasen, Krisen und hektische geldpolitische Rettungsaktionen haben das globale Zinsniveau gegen Null und die Staatsverschuldung in den großen Industrieländern auf historische Rekordstände gebracht. Das Papier analysiert die Optionen für den Exit aus Niedrigzinspolitiken und nicht nachhaltiger Staatsverschuldung im Lichte einer exzessiven geldpolitischen Lockerung in den USA (QE2). Der Exit aus den expansiven Geldpolitiken wird aus drei Perspektiven analysiert. Die Wahrscheinlichkeit eines koordinierten Exits von Fed und EZB, der koordinierte Exit von Geld- und Fiskalpolitik in der EWU sowie das Auslaufen quasifiskalischer Aktivitäten der EZB. Die Analyse kommt zu dem Ergebnis, dass aufgrund der sehr komplexen Herausforderungen die Koordinierung des "Nicht-Exits" wahrscheinlicher als die Koordinierung des Exits ist.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://ejournals.duncker-humblot.de/DH/doi/pdf/10.3790/vjh.79.4.147
Download Restriction: no

Article provided by DIW Berlin, German Institute for Economic Research in its journal Vierteljahrshefte zur Wirtschaftsforschung.

Volume (Year): 79 (2010)
Issue (Month): 4 ()
Pages: 147-161

as
in new window

Handle: RePEc:diw:diwvjh:79-4-11
Contact details of provider: Postal: Mohrenstraße 58, D-10117 Berlin
Phone: xx49-30-89789-0
Fax: xx49-30-89789-200
Web page: http://www.diw.de/en
Email:


More information through EDIRC

No references listed on IDEAS
You can help add them by filling out this form.

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:diw:diwvjh:79-4-11. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Bibliothek)

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 references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link 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 profile, as there may be some citations waiting for confirmation.

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

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.