The impact of unconventional monetary policies on exchange rates and its spillovers to other economies is not yet fully understood. In this paper I develop a two-country DSGE model with interbank markets and endogenous default probabilities to analyze the cross-border impacts of unconventional...

Im Falle der Transformationsländer Mittel- und Osteuropas formierte sich 1989/90 parallel zu den wirtschaftspolitischen Empfehlungen der Neoklassik ein alternativer monetärkeynesianischer Ansatz in Form der Berliner Schule. Die Politikempfehlung der Berliner Schule lautete Währungsreform und...

Ever more extensive global financial linkages are changing in ways that have significant implications for policy. Asia-Pacific countries have experienced a particularly rapid growth in financial flows since the crisis. Against this background, the BIS's Representative Office for Asia and the...

The effectiveness of the foreign exchange market interventions conducted by the Deutsche Bundesbank during the Louvre period to alter either the level or the volatility of the $/DM spot rate is examined. Volatility quotes implicit in foreign currency options are employed to recover the impact of...