Blog post
18 January 2016
In a recent paper, I looked at the evolution of financial cycles in the euro area and at their link with capital flows. Here, I focus on how those fin
Event
18 January 2016
Have Central Banks lost their ability to control domestic inflation? Are macroprudential tools sufficient to ensure financial stability? Do new moneta
Blog post
12 January 2016
Euro-area headline inflation has remained close to zero since the ECB stepped up its quantitative easing programmes in early 2015, but this does not m
Opinion piece
05 January 2016
The factors that dragged down the global economy in 2015 will persist – and in some cases even intensify – in the new year.
Opinion piece
22 December 2015
While the markets could not have been surprised about the U.S. Federal Reserve's decision to raise interest rates after a series of warnings since mid
Blog post
01 December 2015
The potential effects of global integration on inflation dynamics, and whether this could affect the ability of central banks to fulfil their mandates
Blog post
26 November 2015
Several countries experiencing conflict have been able to maintain a stable nominal exchange rate and thereby their real exchange rates were either st
Working paper
25 November 2015
While there is now consensus that financial supervision has to focus on the aggregate (macroprudential), in addition to the individual (microprudentia
Opinion piece
25 November 2015
The ECB is often criticised for its low interest rate policy - especially in Germany, where this is felt to be an attack on savers. However, this argu
Blog post
24 November 2015
In the second half of 2014 and early 2015, international oil prices approximately halved. What have been the consequences of this sharp decline on net
Policy brief
12 November 2015
This Policy Contribution reviews the impact of globalisation on inflation dynamics, and it analyses whether and how this affects the ability of centra
Blog post
09 November 2015
What’s at stake: Controversies over whether and by how much the natural rate of interest – the rate compatible with full employment and stable prices
Policy brief
04 November 2015
This Policy Contribution was prepared for the Financial Committee of the German Bundestag. It is only available in German.
Blog post
02 November 2015
What’s at stake: Quantitative Easing has been criticized for generating inflation risks, financial stability risks, and distributional risks. The newe
Blog post
26 October 2015
The possibility of the RMB joining the group of key reserve currencies in the world, as defined by the currency composition of the IMF’s own internati
Blog post
21 October 2015
The ECB will have its next monetary decision meeting on Thursday. Instead of following politically motivated statements that complain about low nomina