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Zum Risiko einer anhaltenden monetären Expansion für Deutschland

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  • 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.
    • Handle: RePEc:zbw:ifwbox:20134
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    References listed on IDEAS

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