This book highlights the achievements and challenges of the ongoing process of financial integration in Europe.   This unique collection will be of great interest to economists and experts in the fields of financial markets and European integration from central, commercial and investment...

Das Vertrauen der Öffentlichkeit in das Umlagesystem der Rentenversicherung hat in jüngerer Zeit abgenommen. Wie kann die Glaubwürdigkeit zurückgewonnen werden? Professor Peter Bofinger präsentiert einen Vorschlag, der das deutsche Rentensystem soweit wie möglich vor willkürlicher...

For the open economy, the workhorse model in intermediate textbooksstill is the Mundell-Fleming model, which basically extends theinvestment and savings, liquidity preference and money supply (IS-LM)model to open economy problems. The authors present a simple NewKeynesian model of the open...

The actual mainstream view of academics emphasizes the so-called \"two-corner solution\" with either completely fixed or independently floating exchange rates. We will argue in this paper that the requirements for fixed rates are rather too restrictive to be successful. On the other hand, the...

Although there seems to be a broad consensus among economists that purely floating or completely fixed exchange rates (the so-called corner solutions) are the only viable alternatives of exchange rate management. many countries do not behave according to this paradigm and adopt a strategy within...

Although the IS/LM-AS/AD model is still the central tool of macroeconomic teaching in most macroeconomic textbooks, it has been criticized by several economists. Colander (1995) demonstrated that the framework is logically inconsistent. Romer (2000) showed that it is unable to deal with a...

Svensson auf der einen und McCallum und Nelson auf der anderen Seite haben in einer Reihe von Beiträgen kontrovers diskutiert, an welcher geldpolitischer Regel sich eine Notenbank orientieren sollte (vgl. Svensson, L., 2003a, 2003b, 2005, Svensson L., u. Woodford, M. 2005). Hierbei plädiert...