Controllability of longer-term interest rates requires that the persis-tence of their deviations from the central bank's policy rate (i.e. thepolicy spreads) remains suffciently low. This paper applies fractionalintegration techniques to assess the persistence of policy spreads ofeuro area money...

Weltweit haben in den letzten WochenRegierungen und Notenbanken ihreBemühungen zur Stabilisierung derFinanzmärkte verstärkt. Parallel zumaktuellen Krisenmanagement hält dieDiskussion um die Ursachen der Krise an.Ein Schwerpunkt ist dabei die Frage,ob eine zu laxe Finanzsektorpolitikoder eine...

Recent data show substantial increases in the size of gross external asset and liabilitypositions. The implications of these developments for optimal conduct of monetarypolicy are analyzed in a standard open economy model which is augmented to allowfor endogenous portfolio choice. The model...