Deutsche Bundesbank Discussion Paper Series

The Deutsche Bundesbank is the independent central bank of the Federal Republic of Germany. Eurosystem monetary policy is the Bundesbank's core business area. Other core business areas include the financial and monetary system, banking supervision, cashless payments and cash operations. The Deutsche Bundesbank Discussion Papers series focuses on research on monetary policy and price stability, financial stability and macroprudential supervision, microprudential supervision and the behaviour of financial institutions, as well as the behaviour of households and firms. Opinions and conclusions expressed in the Bundesbank Discussion Papers are those of the authors and do not necessarily reflect those of the Bundesbank or the Eurosystem.

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