Die neue Bundesregierung steht in der kommenden Legislaturperiode vor großen wirtschaftspolitischen Herausforderungen. Zwar war die deutsche Wirtschaftsentwicklung in den letzten Jahren überraschend positiv. Hervorzuheben sind vor allem die starke Zunahme der Beschäftigung und die schnelle...

This paper examines some recent techniques designed to draw inferences about the credibility of changes in macroeconomic policy regimes. An alternative two-step approach, based on the decomposition between permanent and transitory components of a "credibility variable" is proposed. The...

Since 1997, the Bank of England Monetary Policy Committee (MPC) has met monthly to set the UK policy interest rate. We examine evidence of systematic patterns in exchange rate movements on MPC days over the first decade of operation of the MPC. Daily data reveal significant differences in...