Non si poteva più aspettare l’inflazione non è passeggera ma ora Roma sia responsabile
My interview in La Stampa(pdf) on the ECB and its dilemma...
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Demography and globalisation: reversing trends
A conversation on ageing societies, waning inequality, as well as an inflation revival. In this episode of The Sound of Economics, we invite Charles Goodhart and Manoj Pradhan to talk about their most recent book: ‘...
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What impact does the ECB’s quantitative easing policy have on bank profitability?
Quantitative easing (QE) affects banks’ profitability in three main ways. First, as QE drives up bond prices, banks holding such bonds see their balance sheets strengthened. Second, QE reduces long-term yields and thereb...
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Draghi enteignet die Sparer nicht
This text was published in Manager Magazin. Debatte über die EZB ja – aber bitte sachlich Die EZB reagiert mit ihrer Geldpolitik nur auf die schwache wirtschaftliche Lage. Sie ist nicht dafür zuständig, für hohe R...
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The effectiveness of the European Central Bank’s Asset Purchase Programme
Since the end of 2014, inflation has been at or very close to zero. With very little ability to move the actual interest rate further into negative territory, the ECB has resorted to unconventional measures. The latest o...
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Have central banks lost their ability to control inflation?
The potential effects of global integration on inflation dynamics, and whether this could affect the ability of central banks to fulfil their mandates. This post was first published on Bruegel. After soaring in th...
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Is globalisation reducing the ability of central banks to control inflation?
After soaring in the 1970s, inflation in Organisation of Economic Cooperation and Development countries stabilised, coming down from 9 percent on average in the early 1980s to about 2 percent in the years before the cris...
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Schriftliche Stellungnahme Bundestagsanhörung „Niedrigzinspolitik der EZB“
This Policy Contribution was prepared for the Financial Committee of the German Bundestag. It is only available in German. Zusammenfassung Reale Renditen fallen weltweit mindestens seit Anfang der 1980er Jahre, so auch i...
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Inflation expectations and global risks: the need for ECB action
The ECB will have its next monetary decision meeting on Thursday. Instead of following politically motivated statements that complain about low nominal rates, the ECB needs to focus on its mandate: price stability, defin...
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Why we should not blame the ECB for low returns on German savings
the fall in inflation and in real returns is behind the dramatic decline in interest rates over the past 3 decades The ECB has lowered its official interest rate several times in the last years and the rate is now...
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