In the second part of the 80s, Japan was under political pressure to expand aggregate demand. It followed suit in increasing its money supply. This caused severe inflation and the financial bubble which collapsed in 1990 resulting in capital losses and in a sizable loss of GDP. This paper draws...

The euro is a new currency, and the ECB as a new institution still has to establish its reputation. The best way to do this is for the ECB to deliver a stable money. The two-pillar strategy pursued by the ECB seems to confuse the markets because market participants are unclear about which of the...

I. Realwirtschaftliche und monetäre Integration 3 II. Geldüberhang und die Frage nach einer Währungsreform 4 III. Eine Übergangsstrategie für die DDR 8 1. Maßnahme zum Abbau des Geldüberhangs 8 2. Institutionelle Regelungen des Geldwesens 10 3. Konvertibilität der Mark 12 4....

In the second part of the 80s, Japan was under political pressure to expand aggregate demand. It followed suit in increasing its money supply. This caused severe inflation and the financial bubble which collapsed in 1990 resulting in capital losses and in a sizable loss of GDP. This paper draws...