# 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

# 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 3096 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 2804 views

# Blog

Lessons from the Bank of Japan for the euro area

The decision of the Bank of Japan end of October 2014 to significantly expand its asset-buying programme came as a surprise. The yen weakened and stock markets rallied. The decision taken with only a small majority by th...

18th November 2014 by Guntram Wolff 2325 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

# Interviews

European Central Bank cut interest rates to lowest level

Most economists had been expecting an interest rate cut, but the bank went even further than that. CCTV’s Sandra Gathmann has the details from Brussels....

6th June 2014 by Guntram Wolff 3087 views

# Blog

Addressing weak inflation: The ECB’s shopping list

In this blogpost, we summarize our recently published paper, in which we discuss in detail the dilemmas for the ECB and the need to act. Inflation forecasts by the ECB have fallen substantially below the two percent thre...

6th May 2014 by Guntram Wolff 2572 views

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# Publications

Addressing weak inflation: The European Central Bank’s shopping list

There are clear benefits to price stability. High inflation can distort corporate investment decisions and the consumption behaviour of households. Changes to inflation redistribute real wealth and income between differe...

6th May 2014 by Guntram Wolff 5149 views