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  • Issing, Otmar (34)
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Central banks – from overburdening to decline? (2016)
Issing, Otmar
“Institutional Overburdening” to a large extent was a consequence of the “Great Moderation”. This term indicates that it was a period in which inflation had come down from rather high levels. Growth and employment were at least satisfying and variability of output had substantially declined. It was almost unavoidable that as a consequence expectations on future actions of central banks and their ability to control the economy reached an unprecedented peak which was hardly sustainable. Institutional overburdening has two dimensions. One is coming from exaggerated expectations on what central banks can achieve (“expectational overburdening”). The other dimension is “operational overburdening” i.e. overloading the central bank with more and more responsibilities and competences.
Notenbanken – unabhängig oder allmächtig? (2021)
Issing, Otmar
Heute genießen zahlreiche Notenbanken in der Welt den Status der Unabhängigkeit. Historisch war das keineswegs die Norm. Dafür gibt es wichtige Gründe.
Central banks – independent or almighty? (2021)
Issing, Otmar
Today, numerous central banks worldwide enjoy their independence. Historically, this was by no means standard. There are important reasons for this.
Completing the unfinished house: towards a genuine economic and monetary union? (2015)
Issing, Otmar
Forward guidance: a new challenge for central banks (2014)
Issing, Otmar
n a contribution prepared for the Athens Symposium on “Banking Union, Monetary Policy and Economic Growth”, Otmar Issing describes forward guidance by central banks as the culmination of the idea of guiding expectations by pure communication. In practice, he argues, forward guidance has proved a misguided idea. What is presented as state of the art monetary policy is an example of pretence of knowledge. Forward guidance tries to give the impression of a kind of rule-based monetary policy. De facto, however, it is an overambitious discretionary approach which, to be successful, would need much more (or rather better) information than is currently available. In Issing's view, communication must be clear and honest about the limits of monetary policy in a world of uncertainty.
Monetary policy and balance sheet adjustment (2014)
Issing, Otmar
In the wake of the Global Financial Crisis that started in 2007, policymakers were forced to respond quickly and forcefully to a recession caused not by short-term factors, but rather by an over-accumulation of debt by sovereigns, banks, and households: a so-called “balance sheet recession.” Though the nature of the crisis was understood relatively early on, policy prescriptions for how to deal with its consequences have continued to diverge. This paper gives a short overview of the prescriptions, the remaining challenges and key lessons for monetary policy.
Die letzte Waffe - Helicopter Money? (2015)
Issing, Otmar
Spätestens seit die Europäische Zentralbank (EZB) ihr Ankaufprogramm für Wertpapiere bekannt gegeben hat, ist die Diskussion über die Wirksamkeit dieser Maßnahmen auch in Europa angekommen. Wegen der besonderen institutionellen Umstände des Euroraums – Kauf von Anleihen der einzelnen Nationalstaaten und des Verbots der monetären Finanzierung – reichen die möglichen Nebenwirkungen hierzulande über den rein geldpolitischen Horizont hinaus.
Central banks – paradise lost (2012)
Issing, Otmar
Lessons for monetary policy: what should the consensus be? (2011)
Issing, Otmar
This paper outlines important lessons for monetary policy. In particular, the role of inflation targeting, which was much acclaimed prior to the financial crisis and since then has not lost much of its endorsement, is critically reviewed. Ignoring the relation between monetary policy and asset prices, as is the case in this monetary policy approach, can lead to financial instability. In contrast, giving, inter alia, monetary factors a role in central banks’ policy decisions, as is done in the ECB’s encompassing approach, helps prevent these potentially harmful side effects and thus allows for fostering financial stability. Finally, this paper makes a case against increasing the central banks’ inflation target. JEL Classification: E44, E52, E58 Keywords: Inflation Targeting, Asset Prices, Financial Stability, ECB
Politischer Wille oder ökonomisches Gesetz? : Einige Anmerkungen zu einem großen Thema (2009)
Issing, Otmar
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