This paper surveys the literature of the Bullionist controversy which dominated the development of Classical monetary economics between 1797 and the early 1820s. It highlights the contributions of Henry Thornton to the early phase of the debate, particularly his refutation of the Real Bill...

We estimate a small-scale, structural general equilibrium model of a small open economy using Bayesian methods. Our main focus is the conduct of monetary policy in Australia, Canada, New Zealand and the U.K., as measured by nominal interest rate rules. We consider generic Taylor-type rules,...

The Bank of England, the Federal Reserve (Fed) and the European Central Bank (ECB) have responded to the crisis with exceptional initiatives resulting in a major increase in their balance sheets. After the ECB's end-2011 launch of three-year bank refinancing (LTRO), there has been speculation...

The expansion of Western European production accelerated in the first half of 1997. Exports were the main engine, driven by a devaluation of European currencies and strong growth abroad. Domestic demand also picked up somewhat led by investment in machinery and equipment. Inflation remained at...

The first part of this paper outlines the concept of democratic accountability of central banks, and compares the legal accountability of the ECB with some other central banks (Bank of Canada, Bank of Japan, Bank of England and the Federal Reserve System). In the second part, we present a theory...

The main characteristic of the implementation of the European Monetary Union (EMU) is the transition from various national currencies to the Euro, the common European currency. A final fixing of the individual bilateral exchange rates of all European countries involved in the Monetary Union...

Some scholars of social policy claim that the traditional post war Keynesian Welfare State has been transformed towards a Schumpeterian Workfare State (Jessop 1994, Tor-fing 1999a). Others conceptualise welfare state reform as transformation towards an Enabling (Gilbert/Gilbert 1989), Activating...

This paper investigates the credit channel in Germany and the United Kingdom. The financial systems of these two countries show substantial structural differences, which leads one to expect that their real sectors respond differently to changes in monetary policy. To the extent that this is the...

Job rotation as an important element of labour market policy has only a rather short tradition in most Member States of the European Union, except in the scandinavian countries. The transnational partnership job rotation was founded at the end of 1995 and financing for job rotation projects came...

Social insurance systems are known to reproduce gender inequalities in the labour market because they are usually based on 'standard employment contracts' (full-time, permanent, dependent) and often take into account the household constellation through means-testing. Gender inequalities in the...