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"Deutsche Bundesbank."
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Germany's gold
\"How were German's gold reserves created, and what role has gold played as a means of payment over time? ... The Deutsche Bundesbank's project to bring substantial gold holdings to Frankfurt am Main from storage locations in New York and Paris has generated a great deal of public interest over the past few years. This book is the first of its kind to provide a detailed account of how the gold in the Bundesbank's vaults came into being and how it has been used and stored over time. Splendid images of selected gold bars provide a beautiful backdrop to in-depth informtion on the properties of gold and how it is mined and processed\"--Back of dust jacket.
Book
The European Central Bank and the German Constitutional Court: Police Patrols and Fire Alarms
In May 2020, a ruling of the German Federal Constitutional Court (FCC) questioned the legality of the Bundesbank’s participation in the European Central Bank’s (ECB’s) Public Sector Purchase Programme. Applying elements of a principal-agent analysis, this article analyses how the FCC ruling presents us with a new understanding of the relationship between the ECB, other EU institutions and Eurozone member states. Existing principal-agent analyses of the ECB focus upon its relations with other EU-level institutions and point to the limited ex ante control mechanisms and efforts to reinforce ex post control mechanisms—notably European Parliament oversight. The FCC ruling and the ECB’s reaction demonstrate the relative importance of national level controls over the ECB agent. This article understands the role of private plaintiffs in Germany as a form of ‘fire alarm’ on ECB policymaking against the background of weak ex post controls at the EU-level.
Journal Article
The German Economy
In this book, one of Germany's most influential economists describes his country's economy, the largest in the European Union and the third largest in the world, and analyzes its weaknesses: poor GDP growth performance, high unemployment due to a malfunctioning labor market, and an unsustainable social security system. Horst Siebert spells out the reforms necessary to overcome these shortcomings. Taking a broader view than other recent books on the German economy, he considers Germany's fiscal policy stance, product market regulation, capital market, environmental policy, aging and immigration policies, and its system for human capital formation as well as Germany's role in the European Union, including the euro zone.
Germany's system of economic governance emerges as a common theme as Siebert examines why this onetime economic powerhouse is today a faltering giant. He argues that what Germany needs, above all, is a market renaissance; that it must throw off the shackles of its social welfare economy and of its hallmark consensus approach, whereby group-based cooperative decision-making has undermined competition and markets. In doing so he examines both the country's social security system and its labor market, including trade unions. His focus throughout is on Germany's present concerns, foreseeable future problems, and long-term policy issues.
The definitive word on the postwar German economy to the present day, The German Economy is essential reading for economists and finance professionals as well as students, researchers, and others interested in modern-day Germany and its place and prospects at the heart of Europe.
eBook
Flexibles Inflationsziel für die Geldpolitik: nur neuer Wein in alten Schläuchen?
Mit altgedienten Sprachbildern sollte man sparsam umgehen. Und doch: Die von Jerome Powell, dem Chef der Federal Reserve (Fed), unlängst vorgeschlagene zukünftige Zielzone für Inflationsraten, möglicherweise verbunden mit einer Anhebung der durchschnittlichen, von der Fed angestrebten Preissteigerungsrate, erinnert stark an ein von der Deutschen Bundesbank in den 1990er Jahren durchaus erfolgreich praktiziertes Modell. Damals stand allerdings nicht die Inflationsrate selbst, sondern die Wachstumsrate der Geldmenge im Fokus.
This paper analyses the Federal Reserve's Jerome Powell's proposal possibilities and limits made during the recent meeting of central bankers in Jackson Hole, Wyoming, USA. According to Powell, the Fed, as well as the ECB, might change its inflation target policy in the future. The idea is to construct a target zone for the inflation rate. This mechanism would allow the Fed to violate its own inflation target - possibly more than 2 % in the future - for certain periods, provided it is committed to compensate for these violations in subsequent periods. The goal, hence, would be to meet the inflation target only on average in each period. This article discusses problems of implementation, compares the plan with the monetary compensation policy of the old Deutsche Bundesbank and assesses its likely failure or success.
Journal Article
Does Conservatism Matter? A Time-Series Approach to Central Bank Behaviour
Empirical studies crediting 'independent and conservative central banks' with lowering inflation and inflation volatility have been criticised for their focus on policy outcomes instead of policies, and for their unsystematic conflation of independence and conservatism. We present results from time-series models for the German Bundesbank that avoid these shortfalls. Conservatism matters in the following sense: (i) more conservative Bundesbank Councils tend to react stronger to changes in inflation and output, and (ii) an increase in conservatism leads to a more activist stabilisation policy. This is in line with simple policy models incorporating economic persistence with implementation lags for monetary policy.
Journal Article
Informed Traders, Intervention, and Price Leadership: A Deeper View of the Microstructure of the Foreign Exchange Market
This article identifies price leadership patterns in foreign exchange trading, with a focus on central bank intervention as an informational trigger for leadership positioning. Granger causality tests applied to DM/US$ spot rate quotes reveal Deutsche Bank as a price leader up to 60 minutes prior to Bundesbank interventionary reports. By the minus 25-minute mark, interbank quote adjustments become two-way Granger-causal. These results suggest that central bank activity is revealed in stages: first to the price leader, then to competitors, and lastly to the general public.
Journal Article
Fiscal divergence, current account divergence and TARGET2 imbalances in the EMU
Diverging fiscal policy paths, housing booms and diverging unit labour costs were driving forces of rising intra-European current account imbalances, which were underpinned by low interest rates. Since the outbreak of the crisis, the adjustment of intra-EMU current account imbalances has been postponed by a rising divergence of TARGET2 balances, as the repatriation of private international credit and deposit fl ight from the crisis economies is intermediated by central bank credit. Given that this process has brought the Deutsche Bundesbank into a debtor position to the domestic fi nancial system, the article discusses options for liquidity absorption by the Bundesbank to forestall asset price bubbles in Germany.
Journal Article
ECB 2.0: Bye-bye Bundesbank
ECB 2.0: Bye-bye Bundesbank Over the past three years, the ECB has taken on a more proactive role in helping to solve the euro crisis. In this, the bank has gradually moved from its Bundesbank-like origins to an understanding of central banking more akin to the Italian model. In this note, we explain why we believe this is good news, although it may sound alarming for some northern Europeans. At the same time, a more Banca d\"Italia-like position of the ECB does not mean the euro area has turned into an Italian monetary union altogether, as some have argued. The reason is that European fiscal policies are rather turning more 'German\". ECB 2.0 does not necessarily mean more inflation either. And even if it does, some inflation would probably be less costly than the threat of a deflationary decade that is hanging over Europe today.
EZB 2.0: Bye-bye Bundesbank In den vergangenen drei Jahren hat die EZB eine aktivere Rolle zur Lösung der Euro-Krise eingenommen. Dabei hat die Bank sich graduell von ihren Bundesbank-ähnlichen Ursprüngen hin zu einem Verständnis von Zentralbankpolitik entwickelt, das eher dem italienischen Modell ähnelt. In diesem Beitrag erläutern wir, warum wir dies für begrüßenswert halten, obwohl es gerade für einige nordeuropäische Länder eher alarmierend klingen mag. Auch bedeutet eine eher Banca d\"Italia-ähnliche Position der EZB keineswegs, daß sich die Eurozone als Ganzes in eine 'italienartige' Währungsunion verwandelt, wie manche behaupten haben. Der Grund ist, daß die europäische Fiskalpolitik im Gegenzug eher 'deutscher' wird. Die EZB 2.0 bedeutet auch nicht zwingend höhere Inflation. Und selbst wenn dem so wäre, dürfte ein bißchen mehr Inflation gesamtwirtschaftlich weniger schädlich sein als die Gefahr eines deflationären Jahrzehnts, die gegenwärtig über Europa hängt.
Journal Article