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Kiel Institute for the World Economy

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Expansionary monetary policy during financial crises: initially useful, subsequently largely ineffective

500Euroscheine Pixabay.com

When central banks pump money into the banking system during a financial crisis, such a policy is initially very effective, but the impact declines over the course of the crisis. That is the conclusion drawn by researchers at the Kiel Institute for the World Economy. With reference to the current crisis, central bank policy action probably made a major contribution toward stabilizing the economy in 2008 and 2009. The additional steps taken from around 2010 onward, which also include the QE programme from the ECB, have probably not been very effective. more...

 


snower.jpgA New Beginning for Greece
and Europe

Kiel Institute’s President Dennis Snower supports an end of the European Central Bank’s emergency liquidity assistance (ELA) to Greece. In his judgement, there are only two viable options left to solve the Greek crisis. more...

 


Global Economy Prize 2015 awarded

medaille_wwp.jpgOn Sunday June 21, the Kiel Institute for the World Economy and its partners, the City of Kiel and the Schleswig-Holstein Chamber of Commerce, have awarded the eleventh Global Economy Prize. Laureates are Michail Gorbachev, former Soviet politician, Jeffrey Immelt, General Electric CEO, Kristine and Douglas Tompkins, entrepreneurs in the textile industry and founder of private wildlife sanctuaries in Patagonia and Sir Christopher A. Pissarides, professor of economics at the London School of Economics. more...


The Kiel Institute's Business Cycle Forecast of Summer: German Economy remains on growth track

“The German economy remains on a robust growth track”, resumes Stefan Kooths, Head of the Forecasting Center the Kiel Institute´s latest Business Cycle Forecast. For the current year the Kiel Institute expects a 1.8 per cent gross domestic product increase, next year the rate of expansion is likely to accelerate to 2.1 per cent. Inflation is picking up again and will probably reach just under 2 per cent by the end of next year. The World Economy has still only a moderate growth. more...


Kiel Institute analyses implications of the PSPP for euro area monetary policy
ECB © Özcan Arslan - Fotolia.comThe Kiel Institute has advised the European Parliament about the risks of the Public Sector Purchase Programme (PSPP) the ECB started in March 2015. “When future economic circumstances urge the ECB to considerably tighten its monetary policy stance these risks are difficult to quantify, but scenario projections indicate that they are economically significant,” Prof. Stefan Kooths, Head of the Forecasting Centre at the Kiel Institute says. more...


Scandinavian Countries enjoy the most Successful Welfare Systems in Europe
imbalance © Sebastian Kaulitzki - Fotolia.comResearchers of the Kiel Institute for the World Economy (IfW) have scrutinized the performance of different welfare systems in Europe. They wanted to work out how to realize a more even income distribution and more even living standards without overburdening social systems or impeding economic growth. They concluded that Sweden best masters how to balance solid economic growth, high employment and a just distribution of income. “Especially with respect to women Sweden has achieved a high employment rate. This broadens the tax base, helps to maintain solid state budgets and allows to fully take advantage of the countries resources.” explains IfW researcher Christiane Krieger-Boden. more...