Overall, the ECB managed monetary policy quite satisfactory in the first phase of EMU. Nevertheless, this paper asks whether monetary policy could not have been improved. In the last three years, Euroland was confronted with the first external shock. Oil prices increased considerably, leading to...

Inspired by Dornbusch's model of exchange rate overshooting we develop a theory of stock market behaviour. The idea is that stock market prices overshoot and undershoot their long-run equilibrium values which are determined by the development in the real economy. The overshooting is fuelled...

Overall, the ECB managed monetary policy quite satisfactory in the first phase of EMU. Nevertheless, this paper asks whether monetary policy could not have been improved. In the last three years, Euroland was confronted with the first external shock. Oil prices increased considerably, leading to...

DSGE (Dynamic stochastic general equilibrium) models are the common workhorse of modern macroeconomic theory. Whereas story-telling and policy analysis were in the forefront of applications since its inception, the forecasting perspective of DSGE models is only recently topical. In this study,...

Das Freihandelsabkommen zwischen der EU und Südkorea (EU-Südkorea FHA) ist das erste einer neuen Generation von FHA, die 2007 gestartet wurden und Teil der Initiative "Globales Europa" sind. Solche Abkommen, die auf fundierten wirtschaftlichen Kriterien basieren, bilden einen wichtigen Schritt...

Austria's EU accession 25 years ago, alongside Finland and Sweden, was preceded by an extended period of convergence toward the EU: via the free trade agreement concluded with the EC in 1973, and the participation in the European Economic Area (EEA) in 1994. Although the COVID-19 crisis in 2020...