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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The global financial cycle and macroeconomic tail risks Discussion paper 43/2022: Johannes Beutel, Lorenz Emter, Norbert Metiu, Esteban Prieto, Yves Schüler
1 MB, PDF
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Who creates and who bears flow externalities in mutual funds? Discussion paper 41/2022: Daniel Fricke, Stephan Jank, Hannes Wilke
2 MB, PDF
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Determinants of TARGET2 transactions of European banks based on micro-data Discussion paper 40/2022: Constantin Drott, Stefan Goldbach, Axel Jochem
2 MB, PDF
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The Eurosystem’s asset purchase programmes, securities lending and Bund specialness Discussion paper 39/2022: Markus Baltzer, Kathi Schlepper, Christian Speck
751 KB, PDF
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The effects of sanctions on Russian banks in TARGET2 transactions data Discussion paper 38/2022: Constantin Drott, Stefan Goldbach, Volker Nitsch
1 MB, PDF
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Basel III and SME bank finance in Germany Discussion paper 37/2022: Philipp Marek, Ingrid Stein
589 KB, PDF
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The impact of natural disasters on banks’ impairment flow – Evidence from Germany Discussion paper 36/2022: Iliriana Shala, Benno Schumacher
1 MB, PDF
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Robust real-time estimates of the German output gap based on a multivariate trend-cycle decomposition Discussion paper 35/2022: Tino Berger, Christian Ochsner
2 MB, PDF
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Global monetary and financial spillovers: Evidence from a new measure of Bundesbank policy shocks Discussion paper 34/2022: James S. Cloyne, Patrick M. Hürtgen, Alan M. Taylor
2 MB, PDF
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Going below zero – How do banks react? Discussion paper 33/2022: Henrike Michaelis
2 MB, PDF
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New facts on consumer price rigidity in the euro area Discussion paper 32/2022: Erwan Gautier, Cristina Conflitti, Riemer P. Faber, Brian Fabo, Ludmila Fadejeva, Valentin Jouvanceau, Jan-Oliver Menz, Teresa Messner, Pavlos Petroulas, Pau Roldan-Blanco, Fabio Rumler, Sergio Santoro, Elisabeth Wieland, Helene Zimmer
4 MB, PDF
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A review of some recent developments in the modelling and seasonal adjustment of infra-monthly time series Discussion paper 31/2022: Karsten Webel
1 MB, PDF
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Loan pricing in internal capital markets and the impact of the two-tier system – Finance groups in Germany Discussion paper 30/2022: Ulrike Busch, Nuri Khayal, Melanie Klein
944 KB, PDF
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Information transmission between banks and the market for corporate control Discussion paper 29/2022: Christian Bittner, Falko Fecht, Melissa Pala, Farzad Saidi
2 MB, PDF
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Smart or smash? The effect of financial sanctions on trade in goods and services Discussion paper 28/2022: Tibor Besedeš, Stefan Goldbach, Volker Nitsch
1 MB, PDF
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The impact of weight shifts on inflation: Evidence for the euro area HICP Discussion paper 27/2022: Thomas A. Knetsch, Patrick Schwind, Sebastian Weinand
698 KB, PDF
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Spending effects of child-related fiscal transfers Discussion paper 26/2022: Olga Goldfayn-Frank, Vivien Lewis, Nils Wehrhöfer
629 KB, PDF
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Carbon pricing, border adjustment and climate clubs: An assessment with EMuSe Discussion paper 25/2022: Anne Ernst, Natascha Hinterlang, Alexander Mahle, Nikolai Stähler
4 MB, PDF
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CDS market structure and bond spreads Discussion paper 24/2022: Andrada Bilan, Yalin Gündüz
787 KB, PDF
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Pulling ourselves up by our bootstraps: the greenhouse gas value of products, enterprises and industries Discussion paper 23/2022: Ulf von Kalckreuth
1 MB, PDF
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The augmented bank balance-sheet channel of monetary policy Discussion paper 22/2022: Christian Bittner, Diana Bonfim, Florian Heider, Farzad Saidi, Glenn Schepens, Carla Soares
1 MB, PDF
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Monetary policy and endogenous financial crises Discussion paper 21/2022: Frédéric Boissay, Fabrice Collard, Jordi Gali, Cristina Manea
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Foreign exchange interventions and their impact on expectations: Evidence from the USD/ILS options market Discussion paper 20/2022: Markus Hertrich, Daniel Nathan
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The impact of German public support transfers on firm finance – Evidence from the Covid-19 crisis Discussion paper 19/2022: Leo Gärtner, Philipp Marek
782 KB, PDF
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Time inconsistency and overdraft use: Evidence from transaction data and behavioral measurement experiments Discussion paper 18/2022: Andrej Gill, Florian Hett, Johannes Tischer
5 MB, PDF
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Would households understand average inflation targeting? Discussion paper 17/2022: Mathias Hoffmann, Lora Pavlova, Emanuel Moench, Guido Schultefrankenfeld
1 MB, PDF
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What moves markets? Discussion paper 16/2022: Mark Kerssenfischer, Maik Schmeling
2 MB, PDF
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Financial crises and shadow banks: A quantitative analysis Discussion paper 15/2022: Matthias Rottner
3 MB, PDF
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Interest rate shocks, competition and bank liquidity creation Discussion paper 14/2022: Thomas Kick
559 KB, PDF
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Addressing COVID-19 outliers in BVARs with stochastic volatility Discussion paper 13/2022: Andrea Carriero, Todd E. Clark, Massimiliano Marcellino, Elmar Mertens
519 KB, PDF
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Inflation expectations and climate concern Discussion paper 12/2022: Christoph Meinerding, Andrea Poinelli, Yves Schüler
1 MB, PDF
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Wealth and subjective well-being in Germany Discussion paper 11/2022: Antje Jantsch, Julia Le Blanc, Tobias Schmidt
2 MB, PDF
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Optimal timing of policy interventions in troubled banks Discussion paper 10/2022: Philipp J. König, Paul Mayer, David Pothier
667 KB, PDF
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Existence and uniqueness of solutions to dynamic models with occasionally binding constraints Discussion paper 09/2022: Tom D. Holden
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Cybersecurity and financial stability Discussion paper 08/2022: Kartik Anand, Chanelle Duley, Prasanna Gai
1 MB, PDF
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The impact of carbon pricing in a multi-region production network model and an application to climate scenarios Discussion paper 07/2022: Ivan Frankovic
1 MB, PDF
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Banks‘ strategic interaction, adverse price dynamics and systemic liquidity risk Discussion paper 06/2022: Ulrich Krüger, Christoph Roling, Leonid Silbermann, Lui-Hsian Wong
978 KB, PDF
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Time-variation in the effects of push and pull factors on portfolio flows: evidence from a Bayesian dynamic factor model Discussion paper 05/2022: Timo Bettendorf, Aikaterini Karadimitropoulou
950 KB, PDF
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Calibration alternatives to logistic regression and their potential for transferring the dispersion of discriminatory power into uncertainties of probabilities of default Discussion paper 04/2022: Jan Henrik Wosnitza
2 MB, PDF
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You can‘t always get what you want (where you want it): cross-border effects of the US money market fund reform Discussion paper 03/2022: Daniel Fricke, Stefan Greppmair, Karol Paludkiewicz
1 MB, PDF
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EU enlargement and (temporary) migration: Effects on labour market outcomes in Germany Discussion paper 02/2022: Luisa Hammer, Matthias S. Hertweck
1 MB, PDF
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Climate change and individual behavior Discussion paper 01/2022: René Bernard, Panagiota Tzamourani, Michael Weber
1 MB, PDF
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Economic theories and macroeconomic reality Discussion paper 56/2021: Francesca Loria, Christian Matthes, Mu-Chun Wang
1 MB, PDF
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The hockey stick Phillips curve and the effective lower bound Discussion paper 55/2021: Gregor Boehl, Philipp Lieberknecht
717 KB, PDF
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Markups and financial shocks Discussion paper 54/2021: Philipp Meinen, Ana Cristina Soares
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Economic analysis using higher frequency time series: Challenges for seasonal adjustment Discussion paper 53/2021: Daniel Ollech
1 MB, PDF
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Exchange rate depreciations and local business cycles: The role of bank loan supply Discussion paper 52/2021: Thorsten Beck, Peter Bednarek, Daniel te Kaat, Natalja von Westernhagen
536 KB, PDF
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Optimal monetary policy using reinforcement learning Discussion paper 51/2021: Natascha Hinterlang, Alina Tänzer
2 MB, PDF
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Using energy and emissions taxation to finance labor tax reductions in a multi-sector economy: An assessment with EMuSe Discussion paper 50/2021: Natascha Hinterlang, Anika Martin, Oke Röhe, Nikolai Stähler, Johannes Strobel
2 MB, PDF