In this analysis, the informational content of central bank rhetoric is assessed based on the experience with the ECB since 1999. Among the ECB?s communication channels we focus on the monthly press conferences. Based on a counting of certain signal words we construct a wording indicator...

In diesem Beitrag wird neben einem kurzen Überblick über die Argumentationsweise und Probleme der Theorie optimaler Währungsräume ein neues Beurteilungskriterium vorgestellt: die politische Reformfähigkeit potentieller Mitgliedstaaten einer Währungsunion. Hintergrund für diese Erweiterung...

Since the start of EMU national fiscal policy in the Eurozone can be conducted almost without paying any attention to consequences for the exchange rate. This might lower fiscal discipline. In order to shed light on the empirical relevance of this consideration, the impact of the exchange rate...

Capital mobility is helpful to cope with the loss of adjustment instruments in EMU. High capital mobility in the sense of Feldstein and Horioka (FH) can limit the negative consequences of shocks affecting the saving capacity of an economy in the Eurozone. It is the aim of this paper to assess...