# podcast

Demography and globalisation: reversing trends

A conversation on ageing societies, waning inequality, as well as an inflation revival. In this episode of The Sound of Economics, we invite Charles Goodhart and Manoj Pradhan to talk about their most recent book: &#8216...

21st October 2020 by Guntram Wolff 735 views

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# Publications

What impact does the ECB’s quantitative easing policy have on bank profitability?

Quantitative easing (QE) affects banks’ profitability in three main ways. First, as QE drives up bond prices, banks holding such bonds see their balance sheets strengthened. Second, QE reduces long-term yields and thereb...

30th November 2016 by Guntram Wolff 2793 views

# Blog

Draghi enteignet die Sparer nicht

This text was published in Manager Magazin. Debatte über die EZB ja – aber bitte sachlich Die EZB reagiert mit ihrer Geldpolitik nur auf die schwache wirtschaftliche Lage. Sie ist nicht dafür zuständig, für hohe R...

28th September 2016 by Guntram Wolff 2910 views

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# Publications

The effectiveness of the European Central Bank’s Asset Purchase Programme

Since the end of 2014, inflation has been at or very close to zero. With very little ability to move the actual interest rate further into negative territory, the ECB has resorted to unconventional measures. The latest o...

23rd June 2016 by Guntram Wolff 2129 views

# Blog

Have central banks lost their ability to control inflation?

The potential effects of global integration on inflation dynamics, and whether this could affect the ability of central banks to fulfil their mandates. This post was first published on Bruegel. After soaring in th...

2nd December 2015 by Guntram Wolff 2565 views

# 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 2043 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 2171 views

# Blog

Inflation expectations and global risks: the need for ECB action

The ECB will have its next monetary decision meeting on Thursday. Instead of following politically motivated statements that complain about low nominal rates, the ECB needs to focus on its mandate: price stability, defin...

21st October 2015 by Guntram Wolff 2778 views

# Blog

Why we should not blame the ECB for low returns on German savings

the fall in inflation and in real returns is behind the dramatic decline in interest rates over the past 3 decades The ECB has lowered its official interest rate several times in the last years and the rate is now...

9th May 2015 by Guntram Wolff 2492 views

# Blog

The ECB has fired its bazooka

The ECB announced today an expansion of its asset purchases, to include securities issued by European agencies and institutions, as well as central government in the euro area. Purchases are intended to be continued unti...

22nd January 2015 by Guntram Wolff 2129 views