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  1. Niedrigzinsen - eine echte Gefahr für Banken oder Gejammer auf hohem Niveau!?
    Author: Hastenteufel, Jessica; Fuchs, Lena
    Published: [2021]
    Publisher:  IUBH Internationale Hochschule, Erfurt

    The current phase of low interest rates poses major challenges for banks. A continuous decline in the interest result, which is so important for the profitability of banks, has been observed for years, as it is becoming in-creasingly difficult for... more

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    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 623
    Inter-library loan:
    No inter-library loan

     

    The current phase of low interest rates poses major challenges for banks. A continuous decline in the interest result, which is so important for the profitability of banks, has been observed for years, as it is becoming in-creasingly difficult for banks to generate sufficient income from the interest margin. This is partlydue to the European Central Bank's expansive monetary policy. However, other factors, such as advancing digitization, also play a role here. The structure of the German banking market and the mostly strong focus of German banks on interest-bearing business are also increasingly becoming a problem. Still, the question arises, whether the current phase of low interest rates is actually a serious threat to banks or whether they are complaining at a high level.

     
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    Source: Union catalogues
    Language: German
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/235489
    Series: Array ; vol. 4, issue 1 (Jan. 2021)
    Subjects: Zinsen; Niedrigzinsphase; Banken; Geldpolitik; interest; low interest rate phase; banking; monetary policy
    Scope: 1 Online-Ressource (circa 34 Seiten)
  2. Endogenous growth, downward wage rigidity and optimal inflation
    Author: Abbritti, Mirko; Consolo, Agostino; Weber, Sebastian
    Published: [2021]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    Standard New Keynesian (NK) models feature an optimal inflation target well below two percent, limited welfare losses from business cycle fluctuations and long-term monetary neutrality. We develop a NK framework with labour market frictions,... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 534
    Inter-library loan:
    No inter-library loan

     

    Standard New Keynesian (NK) models feature an optimal inflation target well below two percent, limited welfare losses from business cycle fluctuations and long-term monetary neutrality. We develop a NK framework with labour market frictions, endogenous productivity and downward wage rigidity (DWR) which challenges these results. The model features a non-vertical long-run Phillips curve between inflation and unemployment and a trade-off between price distortions and output hysteresis that change the welfare-maximizing inflation level. For a plausible set of parameters, the optimal inflation target is in excess of two percent, a target value commonly used across central banks. Deviations from the optimal target carry welfare costs multiple times higher than in traditional NK models. The main reason is that endogenous growth and DWR generate asymmetric and hysteresis effects on unemployment and output. Price level targeting or a Taylor-rule responding to the unemployment rate can handle better the asymmetric and hysteresis effects in our model and deliver significant welfare gains. Our results are robust to the inclusion of the effective lower bound on the monetary policy interest rate.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289949682
    Other identifier:
    hdl: 10419/249908
    Series: Working paper series / European Central Bank ; no 2635 (December 2021)
    Subjects: Endogenous Growth; Optimal Inflation Target,Downward Wage Rigidity; Monetary Policy Invariance Hypothesis; Zero LowerBound; Monetary Policy; pay cut; inflation; economic model; economic growth; interest; labour market; social well-being; unemployment
    Scope: 1 Online-Ressource (circa 50 Seiten), Illustrationen