Guntram Wolff Guntram Wolff
  • Publications
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  • Interviews/press
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Guntram Wolff Guntram Wolff
  • Publications
  • Blog
  • Interviews/press
  • Podcast
  • Teaching
  • Bio and Publication list
Browsing Tag

quantitative easing

# Interviews

The ECB actions will be enough, but what matters now is the common fiscal policy

My interview in La Stampa is here...
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19th August 2019 by Guntram Wolff 1158 views Share:
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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...
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30th November 2016 by Guntram Wolff 3036 views Share:
# Blog

Central banks: from omnipotence to impotence?

Like the price of financial assets, the market assessment of the capacity of central banks to achieve their price stability objective fluctuates between omnipotence and impotence. We do not agree with this binary view of...
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2nd March 2016 by Guntram Wolff 3007 views Share:
# 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...
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5th November 2015 by Guntram Wolff 2352 views Share:
# 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...
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22nd January 2015 by Guntram Wolff 2288 views Share:
# Blog

The ECB’s bond-purchase dilemma

German opposition to government-bond purchases by the European Central Bank is solidifying ahead of the programme’s likely announcement on January 22. Elections in Greece that could bring a government that will seek to n...
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21st January 2015 by Guntram Wolff 2379 views Share:
# Blog

Die EZB ist verpflichtet, ihr Mandat zu erfüllen

Die Europäische Zentralbank (EZB) wird wohl am 22. Januar ein Ankaufprogramm für Staatsanleihen ankündigen. Die Sorgen über die Auswirkungen und die Effektivität des Programms sind groß. Die EZB muss vorsichtig die Koste...
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19th January 2015 by Guntram Wolff 2616 views Share:
# Blog

Sovereign QE and national central banks

Inflation continues to fall. The first outright deflation numbers since 2009 have been recorded and inflation expectations are clearly dis-anchored. Inflation and inflation expectations are now clearly below the 1.7 to 1...
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13th January 2015 by Guntram Wolff 2476 views Share:
# 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...
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18th November 2014 by Guntram Wolff 2181 views Share:
# 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...
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6th May 2014 by Guntram Wolff 2433 views Share:
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Most viewed publications

  • Japan and the EU in the global economy

    9th April 2014
    Why is Japan a good case study to help Europe overcome the economic and financial cris ...
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Most viewed blogs

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Most viewed interviews

  • Financial Times/Bruegel economic forum

    10th October 2016
    Follow my debate with FT editor Lionel Barber, Whitehall editor James Blitz and MEP Sylvie ...
  • «Alexis Tsipras doit être conscient de ce qu’il peut ou non demander»

    3rd February 2015
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