at Google ScholarTitle data
Gischer, Horst ; Herz, Bernhard ; Menkhoff, Lukas:
Wie soll die EZB aus ihrer unkonventionellen Geldpolitik aussteigen?
In: Wirtschaftsdienst.
Vol. 97
(2017)
Issue 8
.
- pp. 571-576.
ISSN 1613-978X
DOI: https://doi.org/10.1007/s10273-017-2178-2
Abstract in another language
As economic conditions improve in the euro area, the European Central Bank (ECB) has to decide how to sequence the normalisation of monetary policy. Phasing out asset purchases first would mainly increase long-term rates and help to mitigate some of the most negative side effects of the extremely expansionary monetary policy, such as misallocations in asset markets. In contrast, starting with an increase of the rate on the deposit facility would reduce the implicit tax on banks' liquidity holdings at the ECB, which could improve financial stability. Forward guidance and clear communication from the ECB are crucial to safeguarding a smooth transition back to a more conventional monetary policy.
Abstract in another language
Die gute konjunkturelle Lage im Euroraum müsste die Europäische Zentralbank (EZB) dazu veranlassen, baldmöglichst aus ihrer unkonventionellen Geldpolitik auszusteigen. Es stellt sich allerdings dabei die technische Frage, in welcher Reihenfolge der Ausstiegsprozess vonstatten gehen soll: Ist es besser mit einer Zinserhöhung zu beginnen oder sollte die EZB zunächst weniger Anleihen kaufen? Beide Vorgehensweisen haben Vor- und Nachteile. Wichtig für die Marktteilnehmer ist in jedem Fall aber, dass die EZB einen gut durchdachten Plan für den Ausstiegsprozess hat und diesen transparent kommuniziert.
Further data
| Item Type: | Article in a journal |
|---|---|
| Refereed: | No |
| Keywords: | Eurokrise; Europäische Wirtschafts- und Währungsunion; Europäische Zentralbank; Geldpolitik; Zentralbank; Zins |
| Subject classification: | JEL-Classification: E52; E58 |
| Institutions of the University: | Faculties Faculties > Faculty of Law, Business and Economics Faculties > Faculty of Law, Business and Economics > Department of Economics Faculties > Faculty of Law, Business and Economics > Department of Economics > Chair Economics I - International Economics and Finance Faculties > Faculty of Law, Business and Economics > Department of Economics > Chair Economics I - International Economics and Finance > Chair Economics I - International Economics and Finance - Univ.-Prof. Dr. Bernhard Herz |
| Result of work at the UBT: | Yes |
| DDC Subjects: | 300 Social sciences > 330 Economics |
| Date Deposited: | 30 Nov 2017 10:56 |
| Last Modified: | 30 Nov 2017 10:56 |
| URI: | https://eref.uni-bayreuth.de/id/eprint/40639 |