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Precision-based sampling for state space models that have no measurement error Discussion paper 25/2023: Elmar Mertens
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The role of central bank reserves in monetary policy Bundesbank Invited Speakers Series
What consequences does the remuneration of central bank reserves have for the profits of commercial banks and central banks? Economist Paul De Grauwe from the London School of Economics addressed this topic as part of a talk given at the Bundesbank. The subsequent panel discussion with De Grauwe and his co-author, Yuemei Ji, from University College London, as well as Bundesbank President Joachim Nagel and Karsten Stroborn, Director General Markets at the Bundesbank, sparked a controversial exchange of views on how a central bank should deal with these consequences.
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Towards seasonal adjustment of infra-monthly time series with JDemetra+ Discussion paper 24/2023: Karsten Webel, Anna Smyk
5 MB, PDF
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Zusammenfassung der geldpolitischen Sitzung des Rates der Europäischen Zentralbank am 26.-27. Juli 2023
298 KB, PDF
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Rent or buy? How equity requirements for households influence decisions on home financing Research Brief | 60th edition – August 2023
Some households contribute only a small amount of equity when buying property financed by a loan. If they then default on the loan, lenders may incur losses. Should the problem affect a large number of lenders, this could potentially jeopardise financial stability. Minimum requirements for the own funds households need to provide can limit losses that may arise. However, this would mean that some households can no longer obtain loans in the desired amount. A Bundesbank study shows that a large proportion of the households interested in buying which would be affected by this are then willing to buy a cheaper property or to save more in order to buy at a later date. The impact on homeownership is therefore likely to be smaller in the medium than in the short term.
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