| bundesbank interest rate history: The History of the Bundesbank Jakob De Haan, 2012-09-10 After fifty years the Deutsche Bundesbank - the central bank that dominated European monetary affairs - has stepped down to entrust monetary policy to the European Central Bank (ECB). This is the first research work to thoroughly explore the lessons to be learned from the Bundesbank by the ECB, in areas such as price stability and political interference. |
| bundesbank interest rate history: Opting Out of the Great Inflation Andreas Beyer, 2013 During the turbulent 1970s and 1980s the Bundesbank established an outstanding reputation in the world of central banking. Germany achieved a high degree of domestic stability and provided safe haven for investors in times of turmoil in the international financial system. Eventually the Bundesbank provided the role model for the European Central Bank. Hence, we examine an episode of lasting importance in European monetary history. The purpose of this paper is to highlight how the Bundesbank monetary policy strategy contributed to this success. We analyze the strategy as it was conceived, communicated and refined by the Bundesbank itself. We propose a theoretical framework (following Souml;derstrouml;m, 2005) where monetary targeting is interpreted, first and foremost, as a commitment device. In our setting, a monetary target helps anchoring inflation and inflation expectations. We derive an interest rate rule and show empirically that it approximates the way the Bundesbank conducted monetary policy over the period 1975-1998. We compare the Bundesbank's monetary policy rule with those of the FED and of the Bank of England. We find that the Bundesbank's policy reaction function was characterized by strong persistence of policy rates as well as a strong response to deviations of inflation from target and to the activity growth gap. In contrast, the response to the level of the output gap was not significant. In our empirical analysis we use real-time data, as available to policy-makers at the time. |
| bundesbank interest rate history: Negative Interest Rate Policy (NIRP) Andreas Jobst, Huidan Lin, 2016-08-10 More than two years ago the European Central Bank (ECB) adopted a negative interest rate policy (NIRP) to achieve its price stability objective. Negative interest rates have so far supported easier financial conditions and contributed to a modest expansion in credit, demonstrating that the zero lower bound is less binding than previously thought. However, interest rate cuts also weigh on bank profitability. Substantial rate cuts may at some point outweigh the benefits from higher asset values and stronger aggregate demand. Further monetary accommodation may need to rely more on credit easing and an expansion of the ECB’s balance sheet rather than substantial additional reductions in the policy rate. |
| bundesbank interest rate history: The Great Inflation Michael D. Bordo, Athanasios Orphanides, 2013-06-28 Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This volume focuses on understanding the causes of the Great Inflation of the 1970s and ’80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment. |
| bundesbank interest rate history: International Reserves and Foreign Currency Liquidity International Monetary Fund. Statistics Dept., 2015-01-07 This update of the guidelines published in 2001 sets forth the underlying framework for the Reserves Data Template and provides operational advice for its use. The updated version also includes three new appendices aimed at assisting member countries in reporting the required data. |
| bundesbank interest rate history: The European Central Bank Hanspeter K. Scheller, European Central Bank, 2006 Comprehensive 200-page overview of the ECB from its inception in June 1998 until the present day. |
| bundesbank interest rate history: Reducing Inflation Christina D. Romer, David H. Romer, 2007-12-01 While there is ample evidence that high inflation is harmful, little is known about how best to reduce inflation or how far it should be reduced. In this volume, sixteen distinguished economists analyze the appropriateness of low inflation as a goal for monetary policy and discuss possible strategies for reducing inflation. Section I discusses the consequences of inflation. These papers analyze inflation's impact on the tax system, labor market flexibility, equilibrium unemployment, and the public's sense of well-being. Section II considers the obstacles facing central bankers in achieving low inflation. These papers study the precision of estimates of equilibrium unemployment, the sources of the high inflation of the 1970s, and the use of non-traditional indicators in policy formation. The papers in section III consider how institutions can be designed to promote successful monetary policy, and the importance of institutions to the performance of policy in the United States, Germany, and other countries. This timely volume should be read by anyone who studies or conducts monetary policy. |
| bundesbank interest rate history: Liquidity Ratios as Monetary Policy Tools: Some Historical Lessons for Macroprudential Policy Eric Monnet, Miklos Vari, 2019-08-16 This paper explores what history can tell us about the interactions between macroprudential and monetary policy. Based on numerous historical documents, we show that liquidity ratios similar to the Liquidity Coverage Ratio (LCR) were commonly used as monetary policy tools by central banks between the 1930s and 1980s. We build a model that rationalizes the mechanisms described by contemporary central bankers, in which an increase in the liquidity ratio has contractionary effects, because it reduces the quantity of assets banks can pledge as collateral. This effect, akin to quantity rationing, is more pronounced when excess reserves are scarce. |
| bundesbank interest rate history: How Do Central Banks Talk? Alan S. Blinder, 2001 Not long ago, secrecy was the byword in central banking circles, but now the unmistakable trend is towards greater openness and transparency. This, the third Geneva Report on the World Economy, describes and evaluates some of the changes in how central banks talk to the markets, to the press, and to the public. The report first assesses the case for transparency ? defined as providing sufficient information for the public to understand the policy regime ? and concludes that it is very strong, based on both policy effectiveness and democratic accountability. It then examines what should be the content of communication and argues that central banks ought to spell out their long-run objectives and methods. It then investigates the link between the decision-making process and central bank communication, drawing a distinction between individualistic and collegial committees. The report concludes with a review of the communications strategies of some of the main central banks. |
| bundesbank interest rate history: German Bond Yields and Debt Supply: Is There a “Bund Premium”? Anne-Charlotte Paret, Anke Weber, 2019-11-01 Are Bunds special? This paper estimates the “Bund premium” as the difference in convenience yields between other sovereign safe assets and German government bonds adjusted for sovereign credit risk, liquidity and swap market frictions. A higher premium suggests less substitutability of sovereign bonds. We document a rise in the “Bund premium” in the post-crisis period. We show that there is a negative relationship of the premium with the relative supply of German sovereign bonds, which is more pronounced for higher maturities and when risk aversion proxied by bond market volatility is high. Going forward, we expect German government debt supply to remain scarce, with important implications for the ECB’s monetary policy strategy. |
| bundesbank interest rate history: Central Banks at a Crossroads Michael D. Bordo, Øyvind Eitrheim, Marc Flandreau, Jan F. Qvigstad, 2016-06-09 This book discusses the role of central banks and draws lessons from examining their evolution over the past two centuries. |
| bundesbank interest rate history: The History of the Bundesbank Jakob De Haan, 2012-09-10 After fifty years the Deutsche Bundesbank - the central bank that dominated European monetary affairs - has stepped down to entrust monetary policy to the European Central Bank (ECB). This is the first research work to thoroughly explore the lessons to be learned from the Bundesbank by the ECB, in areas such as price stability and political interference. |
| bundesbank interest rate history: Central Bank Independence and the Legacy of the German Past Simon Mee, 2021-05-20 The 2008 financial crisis led to more and more frequent political attacks on central banks. The recent spotlight on central bank independence is reminiscent of the fiery debates amongst Germany's political elites in 1949 on the same issue; debates that were sparked by the establishment of West Germany in that year. Simon Mee shows how, with the establishment of West Germany's central bank - today's Deutsche Bundesbank - the country's monetary history became a political football, as central bankers, politicians, industrialists and trade unionists all vied for influence over the legal provisions that set out the remit of the future monetary authority. The author reveals how a specific version of inter-war history, one that stresses the lessons learned from Germany's periods of inflation, was weaponised and attached to a political, contemporary argument for an independent central bank. The book challenges assumptions around the evolution of central bank independence with continued relevance today. |
| bundesbank interest rate history: Global Economic Prospects, June 2021 World Bank, 2021-08-03 The world economy is experiencing a very strong but uneven recovery, with many emerging market and developing economies facing obstacles to vaccination. The global outlook remains uncertain, with major risks around the path of the pandemic and the possibility of financial stress amid large debt loads. Policy makers face a difficult balancing act as they seek to nurture the recovery while safeguarding price stability and fiscal sustainability. A comprehensive set of policies will be required to promote a strong recovery that mitigates inequality and enhances environmental sustainability, ultimately putting economies on a path of green, resilient, and inclusive development. Prominent among the necessary policies are efforts to lower trade costs so that trade can once again become a robust engine of growth. This year marks the 30th anniversary of the Global Economic Prospects. The Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on emerging market and developing economies, on a semiannual basis (in January and June). Each edition includes analytical pieces on topical policy challenges faced by these economies. |
| bundesbank interest rate history: Germany International Monetary Fund. Monetary and Capital Markets Department, 2016-06-29 This paper evaluates the risks and vulnerabilities of the German financial system and reviews both the German regulatory and supervisory framework and implementation of the common European framework insofar as it is relevant for Germany. The country is home to two global systemically important financial institutions, Deutsche Bank AG and Allianz SE. The system is also very heterogeneous, with a range of business models and a large number of smaller banks and insurers. The regulatory landscape has changed profoundly with strengthened solvency and liquidity regulations for banks (the EU Capital Requirements Regulation and Directive IV), and the introduction of macroprudential tools. |
| bundesbank interest rate history: Understanding Central Banks Nils Herger, 2019-02-19 Issues related to central banks feature regularly in economic news coverage, and in times of economic or financial crisis, especially when a commercial bank is bailed out, they become the focus of the policy debate. But what role do central banks play in a modern economy? How do central banks wield influence over the financial system and the broad economy? Through which channels does monetary policy impact macroeconomic fundamentals such as inflation or unemployment? For example, how does a central bank alter the money supply? What are the benefits of central bank independence, and what are the up- and downsides of having a common currency? This book provides easily accessible answers to these and other questions associated with central banking. |
| bundesbank interest rate history: Cash Use Across Countries and the Demand for Central Bank Digital Currency Mr.Tanai Khiaonarong, David Humphrey, 2019-03-01 The level and trend in cash use in a country will influence the demand for central bank digital currency (CBDC). While access to digital currency will be more convenient than traveling to an ATM, it only makes CBDC like a bank debit card—not better. Demand for digital currency will thus be weak in countries where cash use is already very low, due to a preference for cash substitutes (cards, electronic money, mobile phone payments). Where cash use is very high, demand should be stronger, due to a lack of cash substitutes. As the demand for CBDC is tied to the current level of cash use, we estimate the level and trend in cash use for 11 countries using four different measures. A tentative forecast of cash use is also made. After showing that declining cash use is largely associated with demographic change, we tie the level of cash use to the likely demand for CBDC in different countries. In this process, we suggest that one measure of cash use is more useful than the others. If cash is important for monetary policy, payment instrument competition, or as an alternative payment instrument in the event of operational problems with privately supplied payment methods, the introduction of CBDC may best be introduced before cash substitutes become so ubiquitous that the viability of CBDC could be in doubt. |
| bundesbank interest rate history: Inside the Bundesbank Robert Pringle, 2015-12-22 The Bundesbank is one of the world's most powerful and successful central banks, outstanding for its independence in the conduct of monetary policy and for its success in the achievement of relative price stability virtually throughout the post-war era. This collection of essays by the President of the Bundesbank, by former and present Board members and by Heads of Department within the Bundesbank offer a rare inside insight into its operations. The individual contributions to this volume explain the historical, legal and institutional basis of German internal and external monetary policy and highlight the goals of the German central bank and its role in the economy as a whole. The role of the Deutschmark as one of the leading international transaction, reserve and investment currencies is discussed in detail. Students of monetary management and the banking community throughout the world will benefit greatly from a study of this unique volume. |
| bundesbank interest rate history: The Future of Central Banking Forrest Capie, 1994 This volume contains two major papers prepared for the Bank of England's Tercentenary Symposium in June 1994. The first, by Forrest Capie, Charles Goodhart and Norbert Schnadt, provides an authoritative account of the evolution of central banking. It traces the development of both the monetary and financial stability concerns of central banks, and includes individual sections on the evolution and constitutional positions of 31 central banks from around the world. The second paper, by Stanley Fischer, explores the major policy dilemmas now facing central bankers: the extent to which there is a short-term trade-off between inflation and growth; the choice of inflation targets; and the choice of operating procedures. Important contributions by leading central bankers from around the world, and the related Per Jacobsen lecture by Alexander Lamfalussy, are also included in the volume. |
| bundesbank interest rate history: Central Bank Reserve Management Age Bakker, Ingmar R. Y. van Herpt, 2007-01-01 This book addresses the welfare gains and costs of accumulating foreign exchange reserves and the implications for the functioning of the global financial system. The tremendous growth of central bank reserves has led to an increased focus on raising returns in addition to the traditional preference central banks have for maintaining liquid portfolios. Issues such as asset and currency diversification, the impact of new accounting rules and the profit distribution agreements with the government are analysed, adding new insights to the current debate on the optimal size of central bank reserves. This book brings together a wide range of experts from central banks, investment banks and the academic community. |
| bundesbank interest rate history: The Liquidation of Government Debt Ms.Carmen Reinhart, M. Belen Sbrancia, 2015-01-21 High public debt often produces the drama of default and restructuring. But debt is also reduced through financial repression, a tax on bondholders and savers via negative or belowmarket real interest rates. After WWII, capital controls and regulatory restrictions created a captive audience for government debt, limiting tax-base erosion. Financial repression is most successful in liquidating debt when accompanied by inflation. For the advanced economies, real interest rates were negative 1⁄2 of the time during 1945–1980. Average annual interest expense savings for a 12—country sample range from about 1 to 5 percent of GDP for the full 1945–1980 period. We suggest that, once again, financial repression may be part of the toolkit deployed to cope with the most recent surge in public debt in advanced economies. |
| bundesbank interest rate history: Pushed Past the Limit? How Japanese Banks Reacted to Negative Interest Rates Mr.Gee Hee Hong, John Kandrac, 2018-06-13 In this paper, we investigate how negative interest rate policy (NIRP) introduced in January 2016 by the Bank of Japan (BoJ) affected Japanese banks' lending and risk taking behavior. The BoJ's announcement was an unexpected surprise to the market and was followed by a sharp drop in equity prices of Japanese financial firms. We exploit the cross-sectional variation in the change of share prices on the day of the announcement to measure banks' differential exposure to NIRP. We show that more exposed banks increased their credit and took on more risk compared to banks that were less exposed to negative rates. |
| bundesbank interest rate history: Introduction to Central Banking Ulrich Bindseil, Alessio Fotia, 2021-05-18 This open access book gives a concise introduction to the practical implementation of monetary policy by modern central banks. It describes the conventional instruments used in advanced economies and the unconventional instruments that have been widely adopted since the financial crisis of 2007–2008. Illuminating the role of central banks in ensuring financial stability and as last resort lenders, it also offers an overview of the international monetary framework. A flow-of-funds framework is used throughout to capture this essential dimension in a consistent and unifying manner, providing a unique and accessible resource on central banking and monetary policy, and its integration with financial stability. Addressed to professionals as well as bachelors and masters students of economics, this book is suitable for a course on economic policy. Useful prerequisites include at least a general idea of the economic institutions of an economy, and knowledge of macroeconomics and monetary economics, but readers need not be familiar with any specific macroeconomic models. |
| bundesbank interest rate history: The European Central Bank D. Howarth, Peter Loedel, 2004-12-17 David Howarth and Peter Loedel provide a theoretically inspired account of the creation, design and operation of the European Central Bank. Issues explored include the theoretical approaches to the ECB, the antecedents of European monetary authority, the different national perspectives on central bank independence, the complex organization of the bank, the issues of accountability and the difficult first years of the ECB in operation. |
| bundesbank interest rate history: Monetary Policy and the Housing Bubble Jane Dokko, 2009 |
| bundesbank interest rate history: An Exchange Rate History of the United Kingdom Alain Naef, 2022-09-29 This history of sterling shows how the Bank of England defended the pound and managed foreign exchange. |
| bundesbank interest rate history: Handbook on the History of European Banks Manfred Pohl, 1994-01-01 Analyse: Banque cantonale vaudoise: p. 1072-1078. |
| bundesbank interest rate history: The Effects of Protectionism on a Small Country Michael Bahaamonde Connolly, Jaime De Melo, 1994-01-01 Competently executed series of studies on the distorted trade regime of Uruguay until the late 1980s and the effect of protectionism on a variety of economic outcomes. Topics covered range from the political economy of trade distortions to the sectoral impact of specific regulations. Worth reading--Handbook of Latin American Studies, v. 57. |
| bundesbank interest rate history: Fixed or Flexible Exchange Rates? History and Perspectives Marin Muzhani, 2018-05-15 This book compares and contrasts flexible versus fixed exchange rate regimes. Beginning with their theoretical justifications, it showcases their observed advantages and disadvantages as they played out in the currency crises of the 1990s and early 2000s across Asia, Europe and Latin America. An analysis of the drivers and implications of these crises singles out fast-paced liberalization and globalization as having played central roles. Moreover it sheds light on some of the factors contributing to the 2008 financial crisis and the key monetary events in its aftermath. An accessible, yet rigorous discussion, supported by extensive evidence, helps readers reach their own conclusions regarding the respective merits of alternative exchange rate systems. |
| bundesbank interest rate history: A History of the Federal Reserve Allan H. Meltzer, 2010-02-15 Allan H. Meltzer’s critically acclaimed history of the Federal Reserve is the most ambitious, most intensive, and most revealing investigation of the subject ever conducted. Its first volume, published to widespread critical acclaim in 2003, spanned the period from the institution’s founding in 1913 to the restoration of its independence in 1951. This two-part second volume of the history chronicles the evolution and development of this institution from the Treasury–Federal Reserve accord in 1951 to the mid-1980s, when the great inflation ended. It reveals the inner workings of the Fed during a period of rapid and extensive change. An epilogue discusses the role of the Fed in resolving our current economic crisis and the needed reforms of the financial system. In rich detail, drawing on the Federal Reserve’s own documents, Meltzer traces the relation between its decisions and economic and monetary theory, its experience as an institution independent of politics, and its role in tempering inflation. He explains, for example, how the Federal Reserve’s independence was often compromised by the active policy-making roles of Congress, the Treasury Department, different presidents, and even White House staff, who often pressured the bank to take a short-term view of its responsibilities. With an eye on the present, Meltzer also offers solutions for improving the Federal Reserve, arguing that as a regulator of financial firms and lender of last resort, it should focus more attention on incentives for reform, medium-term consequences, and rule-like behavior for mitigating financial crises. Less attention should be paid, he contends, to command and control of the markets and the noise of quarterly data. At a time when the United States finds itself in an unprecedented financial crisis, Meltzer’s fascinating history will be the source of record for scholars and policy makers navigating an uncertain economic future. |
| bundesbank interest rate history: Fiscal Sustainability in Theory and Practice Craig Burnside, 2005 Topics discussed in this publication include: an introduction to theoretical and practical aspects of fiscal sustainability; theoretical prerequisites for fiscal sustainability analysis; debt indicators in the measurement of vulnerability; cyclical adjustment of budget surplus; pro-cyclical fiscal policy using Mexico's fiscal accounts as a case study; fiscal rules and the experience of Chile; currency crises and models for deal with financing costs. |
| bundesbank interest rate history: The Bundesbank David Marsh, 1993 The might of the D-Mark gives the Bundesbank greater influence than most elected governments over monetary policies across Europe. In bringing to life the central bank and the people who run it, Marsh reveals its history, and present-day, behind-the-scenes arguments over European monetary union. |
| bundesbank interest rate history: Safe Money Beatriz Marulanda, Jacques Trigo Loubière, Síncrito Cifuentes, Robert Peck Christen, Glenn D. Westley, Jeffrey Poyo, Lee Arbuckle, Carlos Heller, Christopher Baker, Alejandro Vargas Durán, Dale W. Adams, Brian Branch, Helmut Pabst, Sherrill Shaffer, Michael O'Donnell, David C. Richardson, Carlos E. Cuevas, 2000-01-01 Policymakers in Latin America increasingly are turning to policies that have high economic rates of return and a favorable impact on income distribution. By providing financial services to small businesses and poor households -which normally lack such services- credit unions help secure growth with equity. The challenges faced by Latin America's credit unions today are likely to force them to further modernize and consolidate, fine tune their inherent advantages, improve mechanisms for prudential regulation, and find ways to increase their share of low and middle-income markets. Safe Money presents the new thinking on how credit unions can compete effectively in modern financial markets while still retaining their social mission. |
| bundesbank interest rate history: Report of the Deutsche Bundesbank for the Year ... Deutsche Bundesbank, 1959 |
| bundesbank interest rate history: The Bundesbank Myth J. Leaman, 2000-12-18 Until recently, central bank independence was confined to just two major capitalist countries: the USA and Germany. As a result of stagflation and the voguish espousal of neo-liberalism in the 1980s, the institution has been adopted in most OECD and in many other countries. This book questions the principle of autonomy, examining the Bundesbank in historical context and exposing the flaws in both the technical and the political case for the wholesale adoption of the Bundesbank model by other states. |
| bundesbank interest rate history: Money, Finance, and the Real Economy Anton Brender, Florence Pisani, Emile Gagna, 2015 Money matters... but so does finance Starting with the link between money and economic activity, this study shows how today's financial systems have shaped the way that monetary policy is transmitted to the real economy. The information gathering and decisionmaking processes within the financial system play a key role in determining both how credit is allocated and how the risks implied by credit are borne. The study points to what went wrong during the credit boom of the 2000s, which was the counterpart to a huge accumulation of savings, concentrated mainly in emerging economies. This accumulation could well continue. Making better use of the coming savings is a challenge that authorities will have to meet if they want finance to better serve the real economy. |
| bundesbank interest rate history: Japanese Monetary Policy Kenneth J. Singleton, 2007-12-01 How has the Bank of Japan (BOJ) helped shape Japan's economic growth during the past two decades? This book comprehensively explores the relations between financial market liberalization and BOJ policies and examines the ways in which these policies promoted economic growth in the 1980s. The authors argue that the structure of Japan's financial markets, particularly restrictions on money-market transactions and the key role of commercial banks in financing corporate investments, allowed the BOJ to influence Japan's economic success. The first two chapters provide the most in-depth English-language discussion of the BOJ's operating procedures and policymaker's views about how BOJ actions affect the Japanese business cycle. Chapter three explores the impact of the BOJ's distinctive window guidance policy on corporate investment, while chapter four looks at how monetary policy affects the term structure of interest rates in Japan. The final two chapters examine the overall effect of monetary policy on real aggregate economic activity. This volume will prove invaluable not only to economists interested in the technical operating procedures of the BOJ, but also to those interested in the Japanese economy and in the operation and outcome of monetary reform in general. |
| bundesbank interest rate history: Coordinated Portfolio investment Survey International Monetary Fund, 1997-01-01 This paper presents a coordinated portfolio investment survey guide provided to assist national compilers in the conduct of the Coordinated Portfolio Investment Survey, conducted under the auspices of the IMF with reference to the year-end 1997. The guide covers a variety of conceptual issues that a country must address when conducting a survey. It also covers the practical issues associated with preparing for a national survey. These include setting a timetable, taking account of the legal and confidentiality issues raised, developing a mailing list, and maintaining quality control checks. |
| bundesbank interest rate history: Monetary History of Denmark, 1990-2005 Kim Abildgren, 2010 |
| bundesbank interest rate history: Developments in British Public Policy Peter Dorey, 2005-10-18 What have been the defining characteristics, trends and changes of Britain′s post-war public policy? Developments in British Public Policy provides a comprehensive review of all the key public policy sectors in contemporary British Politics today. Each chapter is written by a leading authority on each policy sector, and includes definitions of key terms, examples and case studies, questions for discussion, and suggestions for further reading. It will be essential reading for all students of contemporary British public policy and will serve as an ideal companion to Policy-Making in Britain: An Introduction. |
Interest rate statistics Zinsstatistik Deutsche Bundesbank
Bundesbank based on Euribor® daily rates calculated by the European Money Markets Institute (EMMI). These are unweighted averages. Information on the methodology of Euribor® daily …
Monetary policy instruments and procedures in Germany: …
Since 1985 the Bundesbank has been managing the money market predominantly by the revolving conclusion of open market transactions in securities under repurchase agreements …
Long-term interest rates and exchange rates in the …
Long-term interest rates and exchange rates constitute two main channels in the transmission process of monetary policy to financial markets and the real economy. The determination of …
German Monetary History in the First Half of the Twentieth …
What history did Germany traverse to make possible the creation of such an institution? And how does that history help us define a modern central bank? Today, a central bank chooses one of …
Deutsche Bundesbank Zinsstatistik Interest rate statistics 02.01
Dezember 1998 Offered Rate: unweighted average rate calculated since 30 December 1998 accord- nach der Zinsmethode act/360 berechneter ungewichteter Durchschnittssatz, der von …
Bundesbank Interest Rate History (Download Only)
Bundesbank Interest Rate History: The History of the Bundesbank Jakob De Haan,2012-09-10 After fifty years the Deutsche Bundesbank the central bank that dominated European monetary …
Joachim Nagel: Presentation of the Deutsche Bundesbank's …
This is the largest and steepest sequence of interest rate hikes in the history of the euro area. The interest rate level we have achieved should be enough to push the inflation rate
Interest rate statistics Zinsstatistik Deutsche Bundesbank
Bundesbank based on Euribor® daily rates calculated by the European Money Markets Institute (EMMI). These are unweighted averages. Information on the methodology of Euribor® daily …
Annual report 2023 - publikationen.bundesbank.de
Council of the ECB raised its key interest rates by a total of 450 basis points, the strongest increase in the history of monetary union. We are on the right path, but have not yet reached …
Pricing the Bund term structure with linear regressions …
The long history allows the interest rate components to be classified in the macroeconomic environment. Currently, the comparison with the 1970s is particularly relevant.
Long-term and short-term nominal interest rates in the …
Table A shows that the level of long-term nominal interest rates currently prevailing in the three largest euro area countries is indeed close to and, in one case, below the historical minimum …
How the Bundesbank Conducts Monetary Policy - National …
Section 10.3 reviews the history of Bundesbank policy since the breakup of Bretton Woods. Here our objective is to obtain narrative evidence on how the Bundesbank operates in practice.
Interest rate statistics Zinsstatistik Deutsche Bundesbank
Bundesbank based on Euribor® daily rates calculated by the European Money Markets Institute (EMMI). These are unweighted averages. Information on the methodology of Euribor® daily …
German Monetary History in the Second Half of the Twentieth …
To answer that question, I survey German monetary policy in the second half of the twentieth century. I divide this history into three main sections.1 The first treats the Bretton Woods …
Term structures in economic analysis
When analysing interest rate developments, central banks pay particular attention to the impact of monetary pol-icy measures on different maturity segments of the yield curve. Using term …
Bundesbank Interest Rate History
monetary integration one must also understand the history and structure of the Bundesbank, its ethos and objectives. This book examines these issues and in particular how the Bundesbank …
Bundesbank Interest Rate History Copy - old.icapgen.org
Bundesbank Interest Rate History: The History of the Bundesbank Jakob De Haan,2012-09-10 After fifty years the Deutsche Bundesbank the central bank that dominated European monetary …
Bundesbank Interest Rate History
this type of inertial interest rate rule characterises the Bundesbank's monetary policy from 1979 to 1998 quite well. This result is robust to the use of real-time or ex post data and to the …
OPTING OUT OF THE GREAT INFLATION: GERMAN …
We derive an interest rate rule and show empirically that it approximates the way the Bundesbank conducted monetary policy over the period 1975-1998. We compare the Bundesbank's …
Current euro area interest rates from a historical perspective
Chart E shows real long-term interest rate series in the euro area since the 1970s and in Germany since the 1950s. The picture is broadly similar when looking at both real short and long-term …
Interest rate statistics Zinsstatistik Deutsche Bundesbank
Deutsche Bundesbank Zinsstatistik Interest rate statistics 13.06.2025 Geldmarktsätze / Money market rates *) Die Daten werden aus lizenzrechtlichen Gründen erst am nächsten Arbeitstag …
Interest rate statistics Zinsstatistik Deutsche Bundesbank
Deutsche Bundesbank Zinsstatistik Interest rate statistics 11.06.2025 Geldmarktsätze / Money market rates *) Die Daten werden aus lizenzrechtlichen Gründen erst am nächsten Arbeitstag …
Interest rate statistics Zinsstatistik Deutsche Bundesbank
Deutsche Bundesbank Zinsstatistik Interest rate statistics 12.06.2025 Geldmarktsätze / Money market rates *) Die Daten werden aus lizenzrechtlichen Gründen erst am nächsten Arbeitstag …
Interest rate statistics Zinsstatistik Deutsche Bundesbank
Deutsche Bundesbank Zinsstatistik Interest rate statistics 12.06.2025 Geldmarktsätze / Money market rates *) Die Daten werden aus lizenzrechtlichen Gründen erst am nächsten Arbeitstag …
Interest rate statistics Zinsstatistik Deutsche Bundesbank
Deutsche Bundesbank Zinsstatistik Interest rate statistics 13.06.2025 Geldmarktsätze / Money market rates *) Die Daten werden aus lizenzrechtlichen Gründen erst am nächsten Arbeitstag …
New benchmark rates, new challenges: introducing
Interest rate benchmarks represent key references for many types of financial contracts, such as floating rate loan contracts and interest rate derivatives. They are, furthermore, used for the valu …
Interest rate statistics Zinsstatistik Deutsche Bundesbank
Deutsche Bundesbank Zinsstatistik Interest rate statistics 10.06.2025 Geldmarktsätze / Money market rates *) Die Daten werden aus lizenzrechtlichen Gründen erst am nächsten Arbeitstag …
Interest rate statistics Zinsstatistik Deutsche Bundesbank
Deutsche Bundesbank Zinsstatistik Interest rate statistics 06.05.2025 Geldmarktsätze / Money market rates *) Die Daten werden aus lizenzrechtlichen Gründen erst am nächsten Arbeitstag …
Interest rate statistics Zinsstatistik Deutsche Bundesbank
Deutsche Bundesbank Zinsstatistik Interest rate statistics 13.06.2025 Geldmarktsätze / Money market rates *) Die Daten werden aus lizenzrechtlichen Gründen erst am nächsten Arbeitstag …
Macroprudential regulation: history, theory and policy
prohibition of floating rate, zero-coupon and FX-linked bond issuances. In this respect, to avoid leakages in the system even interest rate swaps were prohibited.4 In response to their respective …
Interest rate statistics Zinsstatistik Deutsche Bundesbank
Deutsche Bundesbank Zinsstatistik Interest rate statistics 28.05.2025 Geldmarktsätze / Money market rates *) Die Daten werden aus lizenzrechtlichen Gründen erst am nächsten Arbeitstag …
Interest rates on loans to households - bundesbank.de
culated as the difference between the interest rate with an initial rate fixation of over 5 years and up to 10 years and the interest rate with an initial rate fixation of over 1 year and up to 5 years. …
The current economic situation in Germany - bundesbank.de
Deutsche Bundesbank Monthly Report February 2021 5. Overview Resurgence of pandemic is slowing economic recovery ... mainly due to the interest rate linkage with the United States, …
Interest rate statistics Zinsstatistik Deutsche Bundesbank
Deutsche Bundesbank Zinsstatistik Interest rate statistics 06.06.2025 Geldmarktsätze / Money market rates *) Die Daten werden aus lizenzrechtlichen Gründen erst am nächsten Arbeitstag …
Term structures in economic analysis
interest rate developments, central banks pay particular attention to the impact of monetary pol-icy measures on different maturity segments of the yield curve. Using term structure models, it is ...
Interest rate statistics Zinsstatistik Deutsche Bundesbank
Deutsche Bundesbank Zinsstatistik Interest rate statistics 17.04.2025 Geldmarktsätze / Money market rates *) Die Daten werden aus lizenzrechtlichen Gründen erst am nächsten Arbeitstag …
Interest rate statistics Zinsstatistik Deutsche Bundesbank
Deutsche Bundesbank Zinsstatistik Interest rate statistics 06.06.2025 Geldmarktsätze / Money market rates *) Die Daten werden aus lizenzrechtlichen Gründen erst am nächsten Arbeitstag …
Thepass-through frommarketinterestrates …
A.2 Balance sheet composition, all banks versus interest rate reporting banks 27 A.3 Distribution of bank rate time series by bank category 28 A.4 Representation of interest rate reporting banks …
Interest rate statistics Zinsstatistik Deutsche Bundesbank
Deutsche Bundesbank Zinsstatistik Interest rate statistics 12.06.2025 Geldmarktsätze / Money market rates *) Die Daten werden aus lizenzrechtlichen Gründen erst am nächsten Arbeitstag …
German Monetary History in the First Half of the Twentieth …
1 Central banks exercise this control indirectly through use of an overnight bank rate as a policy variable. This rate is a market rate. The need to control money creation imposed by the need to …
Central Banking Systems
pre-euro Bundesbank and the Federal Reserve System 82–83 3.3 Convergence of key official short-term interest rates, in per cent, of eurozone National Central Banks, from mid-1997 to end …
Interest rate statistics Zinsstatistik Deutsche Bundesbank
Deutsche Bundesbank Zinsstatistik Interest rate statistics 10.06.2025 Geldmarktsätze / Money market rates *) Die Daten werden aus lizenzrechtlichen Gründen erst am nächsten Arbeitstag …
Interest rate statistics Zinsstatistik Deutsche Bundesbank
Deutsche Bundesbank Zinsstatistik Interest rate statistics 28.05.2025 Geldmarktsätze / Money market rates *) Die Daten werden aus lizenzrechtlichen Gründen erst am nächsten Arbeitstag …
Interest rate statistics Zinsstatistik Deutsche Bundesbank
Deutsche Bundesbank Zinsstatistik Interest rate statistics 03.06.2025 Geldmarktsätze / Money market rates *) Die Daten werden aus lizenzrechtlichen Gründen erst am nächsten Arbeitstag …
During 2024, the FOMC decreased the target range for the
Jun 3, 2025 · 12 Bundesbank, Banqbasis points from 21 basis points in 2023. The modest, ... alternate interest rate paths, Chart 28 also shows the outcomes for net income assuming short- …
Interest rate statistics Zinsstatistik Deutsche Bundesbank
Deutsche Bundesbank Zinsstatistik Interest rate statistics 04.06.2025 Geldmarktsätze / Money market rates *) Die Daten werden aus lizenzrechtlichen Gründen erst am nächsten Arbeitstag …
Central banks financial stability - JSTOR
history. The emergency measures taken by central banks in 2007-09 may be then compared with those applied during financial crises throughout the classical specie regime(1821-1914). ...
Determinants of interest rates - bundesbank.de
BUNDESBANK Monthly Report April 2006 16 the corresponding rate of interest.1 The se-curities issued by the Federal Government have maturities at issue ranging from six months to over 30 …
Exchange Rate Mechanism Crisis 1992-1993 - Scientific …
of the history of Pentium inflation (19191924), the Deutsche Bundesbank is - Y. H. Xiao ... Therefore, it quickly adopted a contraction monetary poli-cy, the Bundesbank raised the interest …
Interest rate statistics Zinsstatistik Deutsche Bundesbank
Deutsche Bundesbank Zinsstatistik Interest rate statistics 11.06.2025 Geldmarktsätze / Money market rates *) Die Daten werden aus lizenzrechtlichen Gründen erst am nächsten Arbeitstag …
Term structures in economic analysis - Deutsche Bundesbank
of interest rate movements Short-term swap rates dominated by policy rate expectations Determinants of interest rate movements Deutsche Bundesbank Interest rate Interest rate ex …
MONETARY HISTORY OF DENMARK - Nationalbanken
Monetary History of Denmark - 1990-2005 Colophon, Contents and Foreword ... marks Nationalbank was no longer able to conduct interest-rate policy with the domestic economic …
Interest rate statistics Zinsstatistik Deutsche Bundesbank
Deutsche Bundesbank Zinsstatistik Interest rate statistics 28.02.2025 Geldmarktsätze / Money market rates *) Die Daten werden aus lizenzrechtlichen Gründen erst am nächsten Arbeitstag …
Banks Net Interest Margin and Changes in the Term Structure
Banks' Net Interest Margin and Changes in the Term Structure * Christoph Memmel and Lotta Heckmann-Draisbach June 24, 2022 Abstract We model and analyze the impact of an interest …
Interest rate statistics Zinsstatistik Deutsche Bundesbank
Deutsche Bundesbank Zinsstatistik Interest rate statistics 23.05.2025 Geldmarktsätze / Money market rates *) Die Daten werden aus lizenzrechtlichen Gründen erst am nächsten Arbeitstag …
German Monetary History in the Second Half of the Twentieth …
rate period that began in 1973. It chronicles the Bundesbank’s ultimate deci-sion to accord primacy to reducing inflation rather than unemployment. The last explains how the Bundesbank dealt …
Interest rate statistics Zinsstatistik Deutsche Bundesbank
Deutsche Bundesbank Zinsstatistik Interest rate statistics 28.05.2025 Geldmarktsätze / Money market rates *) Die Daten werden aus lizenzrechtlichen Gründen erst am nächsten Arbeitstag …
Interest rate statistics Zinsstatistik Deutsche Bundesbank
Deutsche Bundesbank Zinsstatistik Interest rate statistics 09.05.2025 Geldmarktsätze / Money market rates *) Die Daten werden aus lizenzrechtlichen Gründen erst am nächsten Arbeitstag …
Interest rate statistics Zinsstatistik Deutsche Bundesbank
Deutsche Bundesbank Zinsstatistik Interest rate statistics 09.05.2025 Geldmarktsätze / Money market rates *) Die Daten werden aus lizenzrechtlichen Gründen erst am nächsten Arbeitstag …
Interest rate statistics Zinsstatistik Deutsche Bundesbank
Deutsche Bundesbank Zinsstatistik Interest rate statistics 23.05.2025 Geldmarktsätze / Money market rates *) Die Daten werden aus lizenzrechtlichen Gründen erst am nächsten Arbeitstag …
Interest rate statistics Zinsstatistik Deutsche Bundesbank
Deutsche Bundesbank Zinsstatistik Interest rate statistics 09.05.2025 Geldmarktsätze / Money market rates *) Die Daten werden aus lizenzrechtlichen Gründen erst am nächsten Arbeitstag …
Interest rate statistics Zinsstatistik Deutsche Bundesbank
Deutsche Bundesbank Zinsstatistik Interest rate statistics 22.05.2025 Geldmarktsätze / Money market rates *) Die Daten werden aus lizenzrechtlichen Gründen erst am nächsten Arbeitstag …
Interest rate statistics Zinsstatistik Deutsche Bundesbank
Deutsche Bundesbank Zinsstatistik Interest rate statistics 23.05.2025 Geldmarktsätze / Money market rates *) Die Daten werden aus lizenzrechtlichen Gründen erst am nächsten Arbeitstag …
Interest rate statistics Zinsstatistik Deutsche Bundesbank
Deutsche Bundesbank Zinsstatistik Interest rate statistics 23.05.2025 Geldmarktsätze / Money market rates *) Die Daten werden aus lizenzrechtlichen Gründen erst am nächsten Arbeitstag …
Interest rate statistics Zinsstatistik Deutsche Bundesbank
Deutsche Bundesbank Zinsstatistik Interest rate statistics 06.06.2025 Geldmarktsätze / Money market rates *) Die Daten werden aus lizenzrechtlichen Gründen erst am nächsten Arbeitstag …
The natural rate of interest - October 2017 - bundesbank.de
the short-term real interest rate relative to its equilibrium value by changing the short-term nominal interest rates, thereby influencing the real economy and inflation developments.2 If the key …
Interest rate statistics Zinsstatistik Deutsche Bundesbank
Deutsche Bundesbank Zinsstatistik Interest rate statistics 30.04.2025 Geldmarktsätze / Money market rates *) Die Daten werden aus lizenzrechtlichen Gründen erst am nächsten Arbeitstag …
Interest rate statistics Zinsstatistik Deutsche Bundesbank
Deutsche Bundesbank Zinsstatistik Interest rate statistics 06.05.2025 Geldmarktsätze / Money market rates *) Die Daten werden aus lizenzrechtlichen Gründen erst am nächsten Arbeitstag …
The impact of monetary policy on the euro’s exchange rate
Exchange rate as a target variable of monetary policy then and now 1 For indicators of price competitiveness and their impact on real exports of goods, see Deutsche Bundesbank (2013) …
Interest rate statistics Zinsstatistik Deutsche Bundesbank
Deutsche Bundesbank Zinsstatistik Interest rate statistics 08.05.2025 Geldmarktsätze / Money market rates *) Die Daten werden aus lizenzrechtlichen Gründen erst am nächsten Arbeitstag …
