KKB 88: Economic output in the euro area has recently returned to its pre-pandemic level. The surge in infections since early 2022 had only...

We investigate the impact of errors in medium run tax revenue forecasts on the final budget balance. Our analysis is based on fiscal data for...

This presentation gives an overview of the empirical evidence on the causal effects of the minimum wage introduction in Germany on hourly...

Against the backdrop of the recent surge in inflation, we discuss available measures of inflation expectations and implications for monetary...

KBW 36: The extremely low interest environment during the 2010s has significantly facilitated the reduction of the gross government...

The paper argues that the monetary policy response to the COVID-19 crisis has been appropriate in terms of the ECB’s primary objective. The...

Against the backdrop of a trend towards a cashless society and the emergence of private electronic monies, the paper discusses properties of...

Risks to financial stability in the euro area appear to be contained for the time being, but could be substantial in the longer run. The...

Against the backdrop of slowing growth and subdued inflation in the euro area, we address the question to what extent additional monetary...

Following a brief discussion of the characteristics of money, we provide an overview of virtual currencies describing relevant technological...

This article (german) looks at the cryptocurrency phenomenon, in particular with regards to costs and scalability, stability of value, and...

The Corona pandemic still shapes the economic situation in Germany. A complete normalisation of contact-intensive activities is not to be...

Consumer price inflation in the euro area has sharply risen to 3% in the course of 2021. This increase was mainly due to higher energy prices...

KKB 82: The euro area economy is rapidly approaching its pre-crisis production level. After a strong increase in the second quarter, economic...