@techreport{Jost2023, type = {Working Paper}, author = {Jost, Thomas}, title = {Zentralbankverluste und "ungerechte?" Bankengewinne infolge der Wertpapieraufkaufprogramme und der Verzinsung der {\"U}berschussreserven}, series = {Weidener Diskussionspapiere}, journal = {Weidener Diskussionspapiere}, pages = {44}, year = {2023}, abstract = {Das Eurosystem und auch die Deutsche Bundesbank werden 2023 Verluste erzielen, die einige Jahre anhalten d{\"u}rften. Aufgrund der massiven K{\"a}ufe von Wertpapieren in den letzten 10 Jahren, vor allem Staatsanleihen, sind die {\"U}berschussreserven der Banken stark angestiegen. Die dadurch bedingten hohen Zinszahlungen an die Banken seit der geldpolitischen Kehrtwende, bei geringen Einnahmen f{\"u}r die hohen Wertpapierbest{\"a}nde, f{\"u}hrten zu massiver Kritik. Die Banken w{\"u}rden dadurch „ungerechte" Gewinne erzielen, w{\"a}hrend die Fiskalbeh{\"o}rden auf die fr{\"u}her {\"u}blichen {\"U}berweisungen der Zentralbankgewinne verzichten m{\"u}ssen. Populistische Forderungen nach einer Begrenzung der Bankengewinne durch z.B. eine pauschale, drastische Erh{\"o}hung der Mindestreserves{\"a}tze im Eurosystem zur Reduzierung der {\"U}berschussreserven bergen neue Probleme und sind nicht hilfreich. Letztlich haben die Staaten sehr lange von historisch niedrigen Zinsen infolge der expansiven Geldpolitik des Eurosystems profitiert und m{\"u}ssen nun die Folgen der massiven Aufbl{\"a}hung der Zentralbankbilanzen w{\"a}hrend des Zeitraums der Normalisierung der Geldpolitik tragen.}, subject = {Europ{\"a}ische Zentralbank}, language = {de} } @misc{Jost2023, author = {Jost, Thomas}, title = {Missbraucht nicht die Mindestreserve!}, year = {2023}, abstract = {Der Vorschlag einer drastischen Erh{\"o}hung des Mindestreservesatzes durch die EZB erhitzt die Gem{\"u}ter. Nach teils heftiger Kritik hochrangiger Bankenvertreter in Deutschland werden die „{\"u}blichen" Beschuldigungen vorgebracht und von Medien z.T. unreflektiert wiedergegeben bzw. kommentiert. Die Banken erhielten seit Herbst 2022 - so das g{\"a}ngige Muster - risikolose und ungerechte Subventionen und w{\"u}ssten nichts Besseres mit ihren Einlagen bei der Bundesbank anzufangen. Diese Kritik greift zu kurz und ist teils sachlich falsch.}, subject = {Mindestreservesatz}, language = {de} } @article{JostToedter2022, author = {Jost, Thomas and T{\"o}dter, Karl-Heinz}, title = {Schuldenquoten in der Eurozone mit neuer Defizitregel abbauen}, series = {{\"O}konomenstimme}, volume = {2022}, journal = {{\"O}konomenstimme}, number = {2022/10}, pages = {1 -- 2}, year = {2022}, subject = {Geldpolitik}, language = {de} } @unpublished{SchorkLangemeyerSchmitt2022, author = {Schork, Sabrina and Langemeyer, Ines and Schmitt, Franz-Josef}, title = {Identification of Motivated and Creative Highly Gifted People: Development of the CMAC-Test}, year = {2022}, abstract = {The following contribution deals with the environmental conditions of highly gifted and sensitive people (HGSP). Three researchers from different perspectives (physics, pedagogy, and innovation management) empathize with the target group and try to understand their experiences. From three interviews with adults, a first point of view is defined adopting the Grounded Theory methodology. Adult interviews are compared with the perceptions of an adolescent from today moving between state and private education systems. By comparing both perspectives, differences and similarities are worked out. The discussions are used to develop an online test focusing on creativity, motivation for achievement, and cognitive capacities, as these are core categories identified that seem to be highly important in combination. The empirical test is intended to provide the state education system with a simple and interactive solution to identify a large group of people who need further support. To achieve a high participation rate, the test will be designed for a maximum of one hour and the implementation and evaluation will be carried out digitally. The authors' vision is to create an adaptive environment that can effectively adjust to and educate diverse groups of learners without over- or under burdening teachers and learners. A key finding of our case-based research is that the existing school and higher education structures are not able to provide sufficient support and challenge for HGSP. Support measures for HGSP are needed as well as a new understanding of learning and teaching, so that new competencies can be built that consider people's self-regulation, creativity, and motivation for achievement, in addition to cognition and meta-cognition. Kuhl (2004, 18) explains why the capacities of self-regulation are paramount for highly gifted students. When they want to meet a challenge, they face problems that are more difficult and therefore need more persistence, resilience, and self� motivation. However, to support these special needs, teachers are often not ready or capable to do so, nor do these needs fit with the performance requirements of the regular curriculum.}, subject = {Hochbegabung}, language = {en} } @techreport{JostMink2024, type = {Working Paper}, author = {Jost, Thomas and Mink, Reimund}, title = {Central bank losses and commercial bank profits - unexpected and unfair?}, series = {IMFS Working Paper Series No. 199}, journal = {IMFS Working Paper Series No. 199}, pages = {35}, year = {2024}, abstract = {The Eurosystem and the Deutsche Bundesbank will incur substantial losses in 2023 that are likely to persist for several years. Due to the massive purchases of securities in the last 10 years, especially of government bonds, the banks' excess reserves have risen sharply. The resulting high interest payments to the banks since the turnaround in monetary poli-cy, with little income for the large-scale securities holdings, led to massive criticism. The banks were said to be making "unfair" profits as a result, while the fiscal authorities had to forego the previously customary transfers of central bank profits. Populist demands to limit bank profits by, for example, drastically increasing the minimum reserve ratios in the Eurosystem to reduce excess reserves are creating new severe problems and are neither justified nor helpful. Ultimately, the EU member states have benefited for a very long time from historically low interest rates because of the Eurosystem's extraordinary loose monetary policy and must now bear the flip side consequences of the massive expansion of central bank balance sheets during the necessary period of monetary policy normalisa-tion.}, subject = {Notenbank}, language = {en} } @misc{JostMink2024, author = {Jost, Thomas and Mink, Reimund}, title = {How to deal with the negative effects of inflated central bank balance sheets?}, organization = {SUERF}, pages = {1 -- 4}, year = {2024}, abstract = {Due to the massive purchases of securities in the last 15 years central banks incur substantial losses likely to persist for several years. On the other hand, the banking sector gains large profits from interest payments on their excess reserves holdings. Central banks and fiscal authorities must now bear the flip side consequences of their bond purchase programs. Populist demands to limit bank profits by drastically increasing minimum reserve ratios in the Eurosystem are creating new severe problems. Instead, a consistent and faster normalisation of central bank balance sheets would be desirable. Central banks should also no longer be central players in government bond markets to restore the lost boundaries between fiscal and monetary policy.}, subject = {Europ{\"a}ische Zentralbank}, language = {en} }