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Geldmenge und Inflation in Europa: Ist der Zusammenhang verloren?

Listed author(s):
  • Diermeier, Matthias
  • Goecke, Henry
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    Seit dem Ausbruch der europäischen Finanz- und Wirtschaftskrise im Jahr 2008 befindet sich die Geldpolitik der Europäischen Zentralbank (EZB) im Krisenmodus. Die Übersetzung der wachsenden Geldmenge auf eine höhere Inflation beziehungsweise Inflationserwartung gestaltet sich schwierig. Den aktuell niedrigen Inflationsraten und Inflationserwartungen versuchen die Zentralbanker unter anderem mit einer Geldpolitik extremer quantitativer Lockerung habhaft zu werden. Die Bilanzausweitung des Eurosystems ging hierbei problemlos von statten, und auch die Erhöhung der Geldmenge gelang der EZB zuletzt wieder. Allerdings gestaltet sich die Übersetzung der wachsenden Geldmenge auf eine höhere Inflation beziehungsweise Inflationserwartung als weitaus schwieriger. [...]

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    Paper provided by Institut der deutschen Wirtschaft Köln (IW) / Cologne Institute for Economic Research in its series IW policy papers with number 17/2016.

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    Date of creation: 2016
    Handle: RePEc:zbw:iwkpps:172016
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    1. Saten Kumar & Hassan Afrouzi & Olivier Coibion & Yuriy Gorodnichenko, 2015. "Inflation Targeting Does Not Anchor Inflation Expectations: Evidence from Firms in New Zealand," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 46(2 (Fall)), pages 151-225.
    2. McCallum, Bennett T, 2000. "Theoretical Analysis Regarding a Zero Lower Bound on Nominal Interest Rates," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 32(4), pages 870-904, November.
    3. Demary, Markus & Hüther, Michael, 2015. "Gefährden die unkonventionellen Maßnahmen der EZB den Ausstieg aus dem Niedrigzinsumfeld?," IW policy papers 7/2015, Institut der deutschen Wirtschaft Köln (IW) / Cologne Institute for Economic Research.
    4. Grégory Claeys & Alvaro Leandro, 2016. "The European Central Bank’s quantitative easing programme: limits and risks," Policy Contributions 12814, Bruegel.
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