Deutsche Bundesbank

Central bank · GE · 3 documents

Key number

1.48

Short-term financed impact output multiplier. European Central Bank p.10

Key number

35 basis points

Regulatory cost of unsecured interbank lending for lenders. European Central Bank p.3

Debt maturity and government spending multipliers

Research paperEuropean Central BankNovember 202646 pages

Empirical analysis of post-war US data demonstrates that government spending shocks financed with short-term debt yield significantly higher output multipliers than those financed with long-term debt, typically exceeding unity under short-term financing.

Regulatory Incentives and the Structure of Euro Area Money Markets

Research paperEuropean Central BankOctober 202628 pages

Unsecured interbank lending entails material regulatory costs, estimated at around 35 basis points for lenders in the second half of 2025.

Central Bank Exploration of Tokenized Reserves

Research paperIMF FintechNovember 202540 pages

The note categorizes single-ledger arrangements into 4 operating models: integration, distribution, separation, and permissionless.