https://hdl.handle.net/10419/290657 2026-10-13T21:04:04Z 2026-10-13T21:04:04Z Walter, Johann https://hdl.handle.net/10419/324953 2025-09-09T01:22:54Z 2024-01-01T00:00:00Z

Title: Non-neutral Monetary Policy towards Sustainability in the Eurozone – an Analysis of Refinancing Operations and Minimum Reserve Policy Authors: Walter, Johann Abstract: This article reviews the discussion with respect to a justification of a non-neutral monetary policy and analyses design options for such a policy. The analysis is limited to refinancing operations and minimum reserve policy. Monetary policy with a green bias, while being controversially discussed, is meanwhile widely accepted and partly realised by the ECB. With respect to sustainability in a broader sense, however, the ECB could - and should - do more. In this context, two proposals are presented as to how - in line with the mandate and the statute of the European System of Central Banks - a non-neutral monetary policy towards sustainability could be designed.

2024-01-01T00:00:00Z Hotze, Sebastian Hachenberg, Britta Schiereck, Dirk https://hdl.handle.net/10419/324956 2025-09-09T01:22:35Z 2024-01-01T00:00:00Z

Title: Factor Timing in Asset Management: A Literature Review Authors: Hotze, Sebastian; Hachenberg, Britta; Schiereck, Dirk Abstract: While static factor-based investing is nowadays a common way of allocating portfolios, the next step, a dynamic progression towards time-varying components and factor cyclicity, is still far less established. This study offers a survey on the state of the art of factor timing in asset management and presents the main approaches discussed in the finance literature as well as empirical evidence on the performance of factor timing investment strategies. It becomes obvious that factor timing is much older than first assumed and that there is a diverse collection of approaches. In addition, empirical results on the economic benefits are conflicting. On the one hand, factor timing has the potential to generate economic wealth for long-term oriented institutional investors. On the other hand, high turnover and high transaction costs might limit returns. Furthermore, available data and literature are scarce, leading to challenges in comparing studies. These different perspectives are driving the debate in the finance literature.

2024-01-01T00:00:00Z Breuer, Wolfgang https://hdl.handle.net/10419/324959 2025-09-09T01:22:31Z 2024-01-01T00:00:00Z

Title: The EFA Annual Meeting 2024 in Bratislava, Slovakia − and "Rise of the Machines"? Authors: Breuer, Wolfgang

2024-01-01T00:00:00Z May, Moritz Normann, Tim https://hdl.handle.net/10419/324952 2025-09-09T01:22:36Z 2024-01-01T00:00:00Z

Title: 55th Konstanz Seminar on Monetary Theory and Policy 2024 Authors: May, Moritz; Normann, Tim

2024-01-01T00:00:00Z