In this analysis, the informational content of central bank rhetoric is assessed based on the experience with the ECB since 1999. Among the ECB’s communication channels we focus on the monthly press conferences.…
Dieser Artikel beschäftigt sich mit den Unterschieden zwischen Geld- und Fiskalpolitik, die für die unterschiedliche institutionelle Ausgestaltung dieser beiden Bereiche der Wirtschaftspolitik in der…
Under the world dollar standard, a discrete appreciation by a dollar creditor country of the United States, such as China or Japan, has no predictable effect on its trade surplus. Currency appreciation by the…
In contrast to earlier field studies, we survey German public savings banks on their management of capital. We find that the most important determinants of the savings banks’ target capital ratio are risk…
The savings banks’ decision to distribute profits among their public owners is strongly regulated by law in order to guarantee their adequate funding via retained profits. However, the legal scope is reluctantly…