It is not only the economic gap between “North” and “South” which has dramatically widened: the same is true of the ecological gap. However, because the Earth is one ecological unit, the progressively worsening environmental crisis in the developing countries is of significance for the...

Although structural change in many industrialized countries has increased since the early 1970s, the environmental policy aspects of this change have hardly been investigated. Using a set of four indicators, this study examines the correlation between structural changes and environmental...

The financial crisis which started in 2007 has caused a tremendous challenge for monetary policy. The simple concept of inflation targeting has lost its position as state of the art. There is a debate on whether the mandate of a central bank should not be widened. And, indeed, monetary policy...

"Institutional Overburdening" to a large extent was a consequence of the "Great Moderation". This term indicates that it was a period in which inflation had come down from rather high levels. Growth and employment were at least satisfying and variability of output had substantially declined. It...

This Policy White Paper assesses several main elements of ECB's upcoming review of its monetary policy strategy, announced in January 2020. Four aspects of the review are discussed in detail: i) ECB's definition of price stability and the arguments for and against inflation targeting; ii) the...