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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US trade policy and the US dollar Discussion paper 49/2021: Makram Khalil, Felix Strobel
1 MB, PDF
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Do inflation expectations improve model-based inflation forecasts? Discussion paper 48/2021: Marta Bańbura, Danilo Leiva-León, Jan-Oliver Menz
2 MB, PDF
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Consumption taxation to finance pension payments Discussion paper 47/2021: Kilian Ruppert, Matthias Schön, Nikolai Stähler
3 MB, PDF
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Why are interest rates on bank deposits so low? Discussion paper 46/2021: Ramona Busch, Christoph Memmel
514 KB, PDF
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Identifying empty creditors with a shock and micro-data Discussion paper 45/2021: Hans Degryse, Yalin Gündüz, Kuchulain O‘Flynn, Steven Ongena
788 KB, PDF
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Household bargaining, pension contributions and retirement expectations: evidence from the German Panel on Household Finances Discussion paper 44/2021: Ines Fernandes, Tobias Schmidt
565 KB, PDF
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Gauging the effects of the German COVID-19 fiscal stimulus package Discussion paper 43/2021: Natascha Hinterlang, Stéphane Moyen, Oke Röhe, Nikolai Stähler
934 KB, PDF
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Bank risk-taking and impaired monetary policy transmission Discussion paper 42/2021: Philipp J. Koenig, Eva Schliephake
527 KB, PDF
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Hitting the elusive inflation target Discussion paper 40/2021: Francesco Bianchi, Leonardo Melosi, Matthias Rottner
785 KB, PDF
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Safe asset shortage and collateral reuse Discussion paper 39/2021: Stephan Jank, Emanuel Moench, Michael Schneider
1 MB, PDF
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Structural change revisited: The rise of manufacturing jobs in the service sector Discussion paper 38/2021: Dominik Boddin, Thilo Kroeger
1 MB, PDF
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Financial integration and the co-movement of economic activity: Evidence from U.S. states Discussion paper 37/2021: Martin R. Goetz, Juan Carlos Gozzi
3 MB, PDF
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Banks’ credit losses and lending dynamics Discussion paper 36/2021: Peter Raupach, Christoph Memmel
796 KB, PDF
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Quantitative easing, safe asset scarcity and bank lending Discussion paper 35/2021: Johannes Tischer
1 MB, PDF
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Pandemic recessions and contact tracing Discussion paper 34/2021: Leonardo Melosi, Matthias Rottner
937 KB, PDF
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Benefits of internationalisation for acquirers and targets – but unevenly distributed Discussion paper 33/2021: Rainer Frey, Stefan Goldbach
1 MB, PDF
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Macroprudential policy and the sovereign-bank nexus in the euro area Discussion paper 32/2021: Nikolay Hristov, Oliver Hülsewig, Benedikt Kolb
1014 KB, PDF
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The leverage effect of bank disclosures Discussion paper 31/2021: Philipp J. König, Christian Laux, David Pothier
747 KB, PDF
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Better be careful: The replenishment of ABS backed by SME loans Discussion paper 30/2021: Arved Fenner, Philipp Klein, Carina Mössinger
911 KB, PDF
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On the importance of fiscal space: Evidence from short sellers during the COVID-19 pandemic Discussion paper 29/2021: Stefan Grepinitr, Stephan Jank, Esad Smajlbegovic
954 KB, PDF
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Return differences between DAX ETFs and the benchmark DAX Discussion paper 28/2021: Christoph Schmidhammer
1 MB, PDF
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Decomposing the yield curve with linear regressions and survey information Discussion paper 27/2021: Arne Halberstadt
644 KB, PDF
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The case for a positive euro area inflation target: Evidence from France, Germany and Italy Discussion paper 26/2021: Klaus Adam, Erwan Gautier, Sergio Santoro, Henning Weber
1 MB, PDF
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Equity premium predictability over the business cycle Discussion paper 25/2021: Emanuel Moench, Tobias Stein
908 KB, PDF
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Reversal interest rate and macroprudential policy Discussion paper 24/2021: Matthieu Darracq Pariès, Christoffer Kok, Matthias Rottner
2 MB, PDF
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German banks‘ behavior in the low interest rate environment Discussion paper 23/2021: Ramona Busch, Helge C. N. Littke, Christoph Memmel, Simon Niederauer
650 KB, PDF
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Labor adjustment and productivity in the OECD Discussion paper 22/2021: Maarten Dossche, Andrea Gazzani, Vivien Lewis
1 MB, PDF
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Lighting up the dark: Liquidity in the German corporate bond market Discussion paper 21/2021: Yalin Gündüz, Loriana Pelizzon, Michael Schneider, Marti G. Subrahmanyam
695 KB, PDF
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The impact of borrower-based instruments on household vulnerability in Germany Discussion paper 20/2021: Nataliya Barasinska, Johannes Ludwig, Edgar Vogel
5 MB, PDF
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System-wide and banks’ internal stress tests: Regulatory requirements and literature review Discussion paper 19/2021: Kamil Pliszka
450 KB, PDF
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The effect of unemployment insurance benefits on (self-)employment: Two sides of the same coin? Discussion paper 18/2021: Sebastian Camarero Garcia, Michelle Hansch
4 MB, PDF
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Covid-19 and capital flows: The responses of investors to the responses of governments Discussion paper 17/2021: Stefan Goldbach, Volker Nitsch
410 KB, PDF
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Banks fearing the drought? Liquidity hoarding as a response to idiosyncratic interbank funding dry-ups Discussion paper 16/2021: Helge C. N. Littke, Matias Ossandon Busch
558 KB, PDF
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Contagious zombies Discussion paper 15/2021: Christian Bittner, Falko Fecht, Co-Pierre Georg
703 KB, PDF
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Banks’ complexity-risk nexus and the role of regulation Discussion paper 14/2021: Natalya Martynova, Ursula Vogel
1 MB, PDF
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Do exchange rates absorb demand shocks at the ZLB? Discussion paper 13/2021: Mathias Hoffmann, Patrick Hürtgen
2 MB, PDF
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What drives the German TARGET balances? Evidence from a BVAR approach Discussion paper 12/2021: Timo Bettendorf, Axel Jochem
707 KB, PDF
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Precision-based sampling with missing observations: A factor model application Discussion paper 11/2021: Philipp Hauber, Christian Schumacher
1019 KB, PDF
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Inter-cohort risk sharing with long-term guarantees: Evidence from German participating contracts Discussion paper 10/2021: Johan Hombert, Axel Möhlmann, Matthias Weiß
593 KB, PDF
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Liquidity in the German corporate bond market: has the CSPP made a difference? Discussion paper 08/2021: Lena Boneva, Mevlud Islami, Kathi Schlepper
863 KB, PDF
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The role of information and experience for households‘ inflation expectations Discussion paper 07/2021: Christian Conrad, Zeno Enders, Alexander Glas
1 MB, PDF
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Quantifying bias and inaccuracy of upper-level aggregation in HICPs for Germany and the euro area Discussion paper 06/2021: Julika Herzberg, Thomas A. Knetsch, Patrick Schwind, Sebastian Weinand
773 KB, PDF
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Toothless tiger with claws? Financial stability communication, expectations, and risk-taking Discussion paper 05/2021: Johannes Beutel, Norbert Metiu, Valentin Stockerl
2 MB, PDF
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Real estate transaction taxes and credit supply Discussion paper 04/2021: Michael Koetter, Philipp Marek, Antonios Mavropoulos
1 MB, PDF
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Re-allocating taxing rights and minimum tax rates in international profit taxation Discussion paper 03/2021: Gerhard Kempkes, Nikolai Stähler
1 MB, PDF
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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