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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© jozsitoeroe / stock.adobe.comThe effectiveness of green collateral policy as an instrument of climate policy Research Brief | 57th edition – April 2023
The debate surrounding climate change mitigation measures has lately also extended to central bank instruments. One of the points under discussion is the preferential treatment of green bonds in central bank monetary policy operations. This would improve the financing conditions of firms with low emissions and thus create an incentive for green investment. Using a novel model, we analyse the climate policy and macroeconomic implications of a green-tilted collateral policy and are able to identify only minor effects on green investment.
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© Frank RumpenhorstNegative interest rate policy led to negative interest rates on corporate deposits and higher fees Research Brief | 56th edition – March 2023
The Eurosystem’s negative interest rate policy (NIRP) incentivised banks to also charge their customers negative deposit rates. My analysis shows that German banks did actually charge negative interest rates on corporate deposits at times. However, the banks that did so were primarily those which relied heavily on household deposits as a source of funding. These banks were very reluctant to apply negative interest rates to household deposits as well, and thus probably faced particularly high margin pressure. It was primarily these banks that also charged higher fees in order to ease this pressure.
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© Nils ThiesLower TARGET2 payment flows due to EU sanctions against Russia Research Brief | 55th edition – February 2023
In recent years, the European Union has imposed various types of financial sanctions against Russian banks. A new study examines whether these measures have affected payment flows in TARGET2.
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© Deutsche BundesbankThe exchange rate regime is key for the effects of the Bundesbank’s monetary policy on European countries from 1974 to 1998 Research Brief | 54th edition – December 2022
Record inflation in the euro area has led the ECB Governing Council to start raising its key interest rates. The effects on the domestic economy and spillover effects on foreign countries may primarily depend on whether exchange rates are floating or fixed. A new empirical study shows that, during the time of the Deutschmark, the Bundesbank’s monetary policy was transmitted to a significantly greater degree to neighbouring European countries with fixed exchange rates to the Deutschmark than to those with floating exchange rates to the Deutschmark.
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© Ragnar Schmuck / Getty ImagesIndividuals in Germany have suffered financial losses during the pandemic Research Brief | 53rd edition – September 2022
A Bundesbank survey shows that individuals living in Germany suffered different types of financial losses during the pandemic. Primarily individuals with lower incomes reported losses in wages and salaries which persisted much longer than other financial losses, such as falling securities prices. The latter were frequently reported at the start of the pandemic, but were subsequently offset at least partly, according to the respondents. It was mainly the more persistent wage and salary losses that changed households’ consumption and saving decisions. Altered saving and consumption behaviour can, in turn, affect the transmission of monetary policy measures.