"This paper examines policy responses to exchange-rate movements in a simple model of an open economy. The optimal response of monetary policy to an exchange-rate change depends on the source of the change: on whether the underlying shock is a shift in capital flows, manufactured exports, or...

The UK exit from the EU represents a qualitative change in the nature of EU membership. On the one hand, it conveyed the lesson that for the Union to be sustainable, membership needs to entail constant caretaking as far as individual members' contributions to the common good are concerned, with...

Hamburg's trade has profited from the dynamic effects of the European Common Market. In the following interview Dr Fahning, Director of the Hamburgische Landesbank-Girozentrale, gives his views on the importance of the EEC enlargement for the Hanseatic City.