# Publications

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...

13th November 2015 by Guntram Wolff 2357 views

# Publications

The growing intergenerational divide in Europe

During the economic and financial crisis, the divide between young and old in the European Union increased in terms of economic well-being and allocation of resources by governments. As youth unemployment and youth pover...

11th November 2015 by Guntram Wolff 2071 views

# Publications

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...

5th November 2015 by Guntram Wolff 2498 views

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# Publications

European climate finance: securing the best return

The issue Combating climate change is perhaps the most formidable public policy challenge of our times. Unmitigated climate change will be irreversible. It will place significant costs on future generations, and expose t...

11th September 2015 by Guntram Wolff 2625 views

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# Publications

The Vulnerability of Europe’s Small and Medium-Sized Banks

We study the vulnerability of 130 banks directly supervised by the European Central Bank’s Single Supervisory Mechanism. Illustrative stress tests using banks’ balance sheet data reveal that significant stress prevails i...

16th July 2015 by Guntram Wolff 3026 views

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# Publications

Capital Markets Union: A vision for the long term

• Capital Markets Union (CMU) is a welcome initiative. It could augment economic risk sharing, set the right conditions for more dynamic development of risk capital for high-growth firms and improve choices and returns f...

29th April 2015 by Guntram Wolff 3106 views

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# Publications

Euro-area governance: what to reform and how to do it

The Issue: Reform of the governance of the euro area is being held back by disagreement on what is at the root of the euro area’s woes. Pre-crisis, the euro area suffered from the built-up of financial imbalances, price ...

27th February 2015 by Guntram Wolff 3577 views

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# Publications

Eurosystem collateral policy and framework: Was it unduly changed?

All Eurosystem credit operations, including the important open market operations, need to be based on adequate collateral. Liquidity is provided to banks against collateral at market prices subject to a haircut. The Euro...

17th November 2014 by Guntram Wolff 7723 views

# Publications

Ein direktes Rekapitalisierungsinstrument für Banken ist sinnvoll

This is my testimony for the Bundestag’s budget committee of October 2014. It is available here (pdf).....

6th October 2014 by Guntram Wolff 2053 views

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# Publications

So far apart and yet so close: Should the ECB care about inflation differentials?

Inflation rates can differ across regions of monetary unions. We show that in the euro area, the US, Canada, Japan and Australia, inflation rates have been substantially and persistently different in different regions. D...

22nd September 2014 by Guntram Wolff 5496 views