Discussion papers
The discussion papers with economic studies or financial and banking studies are elaborated by the research center of the Deutsche Bundesbank.
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A note of caution on quantifying banks‘ recapitalization effects Discussion paper 02/2021: Kirsten Schmidt, Felix Noth, Lena Tonzer
479 KB, PDF
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A structural investigation of quantitative easing Discussion paper 01/2021: Gregor Boehl, Gavin Goy, Felix Strobel
7 MB, PDF
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Global value chain participation and exchange rate pass-through Discussion paper 67/2020: Georgios Georgiadis, Johannes Gräb, Makram Khalil
722 KB, PDF
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„The devil is in the details, but so is salvation“ – Different approaches in money market measurement Discussion paper 66/2020: Alexander Müller, Jan Paulick
999 KB, PDF
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US business cycle dynamics at the zero lower bound Discussion paper 65/2020: Gregor Boehl, Felix Strobel
5 MB, PDF
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Demographic change and the German current account surplus Discussion paper 64/2020: Matthias Schön
1 MB, PDF
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Buried in the vaults of central banks – Monetary gold hoarding and the slide into the Great Depression Discussion paper 63/2020: Sören Karau
1 MB, PDF
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GMM weighting matrices in cross-sectional asset pricing tests Discussion paper 62/2020: Nora Laurinaityte, Christoph Meinerding, Christian Schlag, Julian Thimme
907 KB, PDF
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Monetary policy, firm exit and productivity Discussion paper 61/2020: Benny Hartwig, Philipp Lieberknecht
3 MB, PDF
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Global oil prices and the macroeconomy: The role of tradeable manufacturing versus nontradeable services Discussion paper 60/2020: Makram Khalil
3 MB, PDF
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Hampered interest rate pass-through – A supply side story? Discussion paper 59/2020: Lotta Heckmann-Draisbach, Julia Moertel
785 KB, PDF
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Performance of maturity transformation strategies Discussion paper 58/2020: Christoph Schmidhammer, Vanessa Hille, Arnd Wiedemann
918 KB, PDF
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Demographic change and the rate of return in PAYG pension systems Discussion paper 57/2020: Matthias Schön
1 MB, PDF
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Bank capital forbearance and serial gambling Discussion paper 56/2020: Natalya Martynova, Enrico Perotti, Javier Suarez
930 KB, PDF
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A random forest-based approach to identifying the most informative seasonality tests Discussion paper 55/2020: Daniel Ollech, Karsten Webel
737 KB, PDF
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Sovereign risk and bank fragility Discussion paper 54/2020: Kartik Anand, Jochen Mankart
930 KB, PDF
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Real effects of foreign exchange risk migration: Evidence from matched firm-bank microdata Discussion paper 53/2020: Puriya Abbassi, Falk Bräuning
797 KB, PDF
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Anticipation effects of protectionist U.S. trade policies Discussion paper 52/2020: Norbert Metiu
896 KB, PDF
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Classification of monetary and fiscal dominance regimes using machine learning techniques Discussion paper 51/2020: Natascha Hinterlang, Josef Hollmayr
1 MB, PDF
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Interest rate pegs and the reversal puzzle: On the role of anticipation Discussion paper 50/2020: Rafael Gerke, Sebastian Giesen, Daniel Kienzler
2 MB, PDF
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Coin migration between Germany and other euro area countries Discussion paper 49/2020: Matthias Uhl
647 KB, PDF
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Capital controls checkup: Cases, customs, consequences Discussion paper 47/2020: Stefan Goldbach, Volker Nitsch
330 KB, PDF
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Backtesting macroprudential stress tests Discussion paper 45/2020: Amanah Ramadiah, Daniel Fricke, Fabio Caccioli
6 MB, PDF
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Predicting monetary policy using artificial neural networks Discussion paper 44/2020: Natascha Hinterlang
994 KB, PDF
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Interactions between bank levies and corporate taxes: How is bank leverage affected? Discussion paper 43/2020: Franziska Bremus, Kirsten Schmidt, Lena Tonzer
985 KB, PDF
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Estimation of heterogeneous agent models: A likelihood approach Discussion paper 42/2020: Juan Carlos Parra-Alvarez, Olaf Posch, Mu-Chun Wang
773 KB, PDF
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Household savings, capital investments and public policies: What drives the German current account? Discussion paper 41/2020: Kilian Ruppert, Nikolai Stähler
2 MB, PDF
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Does greater transparency discipline the loan loss provisioning of privately held banks? Discussion paper 40/2020: Jannis Bischof, Daniel Foos, Jan Riepe
1 MB, PDF
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Financial shocks and the relative dynamics of tangible and intangible investment: Evidence from the euro area Discussion paper 39/2020: Johannes Gareis, Eric Mayer
441 KB, PDF
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Procyclical asset management and bond risk premia Discussion paper 38/2020: Alexandru Barbu, Christoph Fricke, Emanuel Moench
1 MB, PDF
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Negative monetary policy rates and systemic banks‘ risk-taking: Evidence from the euro area securities register Discussion paper 37/2020: Johannes Bubeck, Angela Maddaloni, José-Luis Peydró
552 KB, PDF
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Central bank funding and credit risk-taking Discussion paper 36/2020: Peter Bednarek, Valeriya Dinger, Daniel Marcel te Kaat, Natalja von Westernhagen
436 KB, PDF
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Fiscal sustainability during the COVID-19 pandemic Discussion paper 35/2020: Patrick Hürtgen
605 KB, PDF
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Robust inference in time-varying structural VAR models: The DC-Cholesky multivariate stochastic volatility model Discussion paper 34/2020: Benny Hartwig
5 MB, PDF
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Identifying indicators of systemic risk Discussion paper 33/2020: Benny Hartwig, Christoph Meinerding, Yves Schüler
1 MB, PDF
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The (ir)relevance of the nominal lower bound for real yield curve analysis Discussion paper 32/2020: Fabian Schupp
2 MB, PDF
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The fiscal footprint of macroprudential policy Discussion paper 31/2020: Ricardo Reis
1 MB, PDF
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The impact of aging and automation on the macroeconomy and inequality Discussion paper 30/2020: Nikolai Stähler
693 KB, PDF
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Estimating the effects of the Eurosystem’s asset purchase programme at the country level Discussion paper 29/2020: Martin Mandler, Michael Scharnagl
861 KB, PDF
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On the credit-to-GDP gap and spurious medium-term cycles Discussion paper 28/2020: Yves Schüler
1 MB, PDF
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Loan supply and bank capital: A micro-macro linkage Discussion paper 27/2020: Thomas Kick, Swetlana Malinkovich, Christian Merkl
4 MB, PDF
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Stressed banks? Evidence from the largest-ever supervisory review Discussion paper 26/2020: Puriya Abbassi, Rajkamal Iyer, José-Luis Peydró, Paul E. Soto
2 MB, PDF
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Compilation of commercial property price indices for Germany tailored for policy use Discussion paper 25/2020: Thomas A. Knetsch
1 MB, PDF
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Measuring price dynamics of package holidays with transaction data Discussion paper 24/2020: Karola Henn, Chris-Gabriel Islam, Patrick Schwind, Elisabeth Wieland
2 MB, PDF
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Interbank risk assessment – A simulation approach Discussion paper 23/2020: Maximilian Jager, Thomas Siemsen, Johannes Vilsmeier
662 KB, PDF
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Long-term outlook for the German statutory pension system Discussion paper 22/2020: Matthias Schön
2 MB, PDF
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Foreign exchange interventions under a one-sided target zone regime and the Swiss franc Discussion paper 21/2020: Markus Hertrich
758 KB, PDF
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The German housing market cycle: Answers to FAQs Discussion paper 20/2020: Florian Kajuth
575 KB, PDF