Research Brief
This publication by the Bundesbank Research Centre provides regular news about recent studies and discussion papers by Bundesbank research economists.
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© picture alliance / Frank RumpenhorstFrom an individual-bank view to a system-wide view on capital requirements under crisis scenarios Research Brief | 17th edition – February 2018
How much capital is needed both at the individual bank level and for the system as a whole especially in situations of macroeconomic stress? And is the capital in the system distributed across individual banks in the optimal way to cover potential systemic losses? A new study gives answers to these questions in an integrated supervisory framework.
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© Martin Barraud / Getty ImagesIncreased investment abroad boosts domestic investment Research Brief | 16th edition – November 2017
True to the maxim that a euro can only ever be spent once, it is often thought that foreign direct investment by German firms means that those firms reduce their investment in Germany. A new study examines this hypothesis, exploring the relationship between domestic and foreign investment.
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© Maria LungwitzHow disagreement in inflation expectations can influence the transmission of monetary policy Research Brief | 15th edition – September 2017
Does a less expansionary monetary policy, for example, an increase in interest rates, lead to lower inflation and dampened inflation expectations? Many empirical and theoretical studies suggest that it does. A new study, however, shows that, if inflation expectations diverge widely, a less expansionary monetary policy can lead to increased inflation and higher inflation expectations.
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© Daniel Ingold / picture allianceHow firm productivity impacts on the optimal inflation rate Research Brief | 14th edition – August 2017
The productivity of many firms evolves over time. This impacts on the optimal inflation rate – the rate of price increase with the least distortionary effect on relative goods prices. Our estimates for the United States suggest that, due to firm-level productivity changes, the optimal inflation rate has dropped from somewhat over 2% in the mid-1980s to a current level of roughly 1%.
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© European Central BankIs the single monetary policy producing different effects across euro-area countries? Research Brief | 13th edition – June 2017
The Eurosystem’s monetary policy is geared towards macroeconomic developments over the entire euro area. Does it produce different effects in the individual member states? And, if yes, how big are the differences? Our empirical study on interest rate policy examines this question for Germany, France, Italy and Spain, the four largest economies in the euro area.