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Die Geldpolitik der EZB in der Klemme – kann mehr »Forward Guidance« helfen?

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  • Timo Wollmershäuser

Abstract

Die Geldpolitik der Europäischen Zentralbank steckt in der Klemme. Die konjunkturelle Entwicklung im Euroraum ist so unterschiedlich, dass eine weitere Senkung des einheitlichen Zinses nur wenigen Ländern gerecht werden würde. Der Beitrag diskutiert, ob die EZB im Rahmen ihrer Kommunikationspolitik weiteren Spielraum hat, um die konjunkturelle Entwicklung im Euroraum insgesamt trotz der bestehenden Nullzinsgrenze zusätzlich zu stabilisieren. Der Fokus liegt dabei auf der sogenannten »Forward Guidance«, einer besonderen Form der Erwartungssteuerung, die Aussagen des geldpolitischen Entscheidungsgremiums hinsichtlich der erwarteten Dauer seiner derzeitigen Niedrigzinspolitik enthält.

Suggested Citation

  • Timo Wollmershäuser, 2013. "Die Geldpolitik der EZB in der Klemme – kann mehr »Forward Guidance« helfen?," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 66(22), pages 35-45, November.
    • Handle: RePEc:ces:ifosdt:v:66:y:2013:i:22:p:35-45
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    More about this item

    Keywords

    Geldpolitik; Europäische Finanzpolitik; Zinspolitik; Eurozone;
    All these keywords.

    JEL classification:

    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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