Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘QE’

Nie wieder Finanzkrise?

Posted by hkarner - 22. Juli 2017

Von André Tomfort, Wiener Zeitung, 21/07/2017

  • Gastkommentar: Warum sich die Chefin der US-Notenbank fatal geirrt haben könnte.

Vor kurzem machte die Chefin der US-Notenbank, Janet Yellen, eine bemerkenswerte Aussage: Auf einer Pressekonferenz in London sagte sie, dass sie nicht mehr damit rechne, in ihrem Leben nochmals eine schwere Finanzkrise wie im Jahr 2008 zu erleben. Sie begründete ihren Optimismus mit den Reformen des Finanzsystems und damit, dass die Banken jetzt krisenfest seien.

Können wir der Fed-Chefin wirklich glauben? Der Sturm der vergangenen Finanzkrise ist abgeebbt, und die Aktien- und Immobilienmärkte bewegen sich in einem langfristigen Aufwärtstrend. Dies ist nicht zuletzt der expansiven Geldpolitik von Yellen und ihren Kollegen in der Eurozone und in Asien zu verdanken. Knapp ein Jahrzehnt lang rekordtiefe Zinsen verfehlen ihre Wirkung an den Finanzmärkten nicht, und auch die globale Konjunktur hat seit einiger Zeit wieder an Fahrt aufgenommen. Trotzdem ist die Nervosität überall zu spüren, und viele Anleger fragen sich: „Wo stehen wir heute? Und wie sicher sind unsere Anlagen?“

Die Immobilienkrise 2008 und 2009 war kein Einzelfall Den Rest des Beitrags lesen »

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The New Abnormal in Monetary Policy

Posted by hkarner - 11. Juli 2017

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The Inflation Target Trap

Posted by hkarner - 7. Juli 2017

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European Central Banks Face Added Political Constraints

Posted by hkarner - 4. Juli 2017

Date: 03-07-2017

Source: The Wall Street Journal By Simon Nixon

The banks’ own rules, along with wider political trends and mixed economic signals complicate any move to tighten policy

Central bankers around the world are grappling with a common problem: when and how to normalize monetary policy at a time of normal levels of economic growth, normal levels of unemployment but abnormal levels of wage growth that is keeping inflation lower than their economic models predict.

Policy makers at the European Central Bank and Bank of England are facing political challenges that are making their task even harder.

At the ECB, the political constraint is its own self-imposed rules setting limits on the size and scale of its quantitative easing program. Den Rest des Beitrags lesen »

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Draghi Says ECB Policy Has Helped Reduce Inequality

Posted by hkarner - 28. Juni 2017

Date: 27-06-2017
Source: The Wall Street Journal

ECB chief indicates it would be counterproductive to withdraw stimulus too soon
Mario Draghi speaks to university students in Lisbon on Monday.

Mario Draghi speaks to university students in Lisbon on Monday.

LISBON—European Central Bank President Mario Draghi defended the impact
of the bank’s stimulus policies on Europe’s youth Monday, arguing that keeping interest rates low had helped create jobs and reduce inequality.

The rare question-and-answer session with Mr. Draghi, at a university in Lisbon, comes at a sensitive time for the ECB, which is preparing to discuss how to start withdrawing policies such as negative interest rates and a €2.3 trillion ($2.6 trillion) bond-buying program.

Pressure is mounting in Northern Europe for a policy change from Frankfurt, but Southern European countries face a different economic reality, with youth unemployment rates reaching up to 45%. Den Rest des Beitrags lesen »

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Understanding Today’s Stagnation

Posted by hkarner - 24. Mai 2017

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Bundesbank Head Says ECB Needs to Be Ready to Rein In Stimulus

Posted by hkarner - 24. Mai 2017

Date: 23-05-2017
Source: The Wall Street Journal

But Jens Weidmann says easy-money policies are currently appropriate

President of the German Bundesbank, Jens Weidmann

The European Central Bank shouldn’t wait too long before withdrawing its large
monetary stimulus, German central-bank president Jens Weidmann warned on Monday, wading into a debate over how quickly the ECB should signal a policy shift.

Pressure has been building in Northern Europe for a policy change from Frankfurt as the region’s economy picks up. Eurozone inflation recently jumped to 1.9%, within the ECB’s target range, after languishing close to zero for years.

But top ECB officials have yet to signal they are ready to change course and start winding down their €60 billion-a-month bond-purchase program, known as quantitative easing or QE. ECB President Mario Draghi says the topic hasn’t even been discussed by the bank’s 25-member governing council. Den Rest des Beitrags lesen »

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The $9 Trillion Question: What Happens When Central Banks Stop Buying Bonds?

Posted by hkarner - 11. Mai 2017

Date: 10-05-2017
Source: The Wall Street Journal

Central banks have been the world’s biggest buyers of government bonds and may soon turn into sellers

Recent data showed that the European Central Bank holds total assets of $4.5 trillion, more than any other central bank ever. Above, the ECB headquarters in Frankfurt.

Central banks have been the world’s biggest buyers of government bonds and may soon turn into sellers—a tidal shift for global markets. Yet investors can’t agree on what that shift will mean.

Part of the problem is that there is little agreement about how the massive stimulus policies, known as quantitative easing or QE, affected bonds in the first place. That makes it especially hard to assess what happens when the tide changes. Den Rest des Beitrags lesen »

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How to preserve the benefits of central-bank autonomy

Posted by hkarner - 28. April 2017

Date: 27-04-2017
Source: The Economist

Twenty years after the Bank of England was given independence, the powers of central banks are in the spotlight

ON MAY 6th 1997 Gordon Brown, freshly installed as Britain’s chancellor of the exchequer, announced that he was giving the Bank of England the responsibility for setting interest rates. The bank would be charged with meeting an inflation target set by the government.

The move was hailed as a political masterstroke. It gave substance to the new Labour government’s claims to economic competence. Long-term borrowing costs fell sharply. The pound soared. The bank’s governor, Eddie George, was delighted. But joy was not unconfined. Within weeks Mr Brown, wary of an over-mighty central bank, stripped it of its responsibilities for bank regulation and public-debt management. Den Rest des Beitrags lesen »

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A World Turned Inside Out

Posted by hkarner - 27. April 2017

 

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