The recent global financial crisis has led central banks to rely heavily on "unconventional" monetary policies. This alternative approach to policy has generated much discussion and a heated and at times confusing debate. The debate has been complicated by the use of different definitions and...

In practice, central banks have been confronted with a trade-off between stabilising inflation and output when dealing with rising oil prices. This contrasts with the result in the standard New Keynesian model that ensuring complete price stability is the optimal thing to do, even when an oil...

While consumption habits have been utilised as a means of generating a hump shapedoutput response to monetary policy shocks in sticky-price New Keynesian economies,there is relatively little analysis of the impact of habits (particularly, external habits) onoptimal policy. In this paper we...

Ziel dieses 1. Teils war es zu zeigen, daß im Rahmen des Kreditmanagements aufgestellte Ziel wie "Erhöhung der Umsätze mit Hilfe liberaler Kreditvergabe" isoliert angestrebte Fehlentwicklugen führen können. Vielmehr sind die Kosten der Kreditvergabe an Kunden (Kreditausfall-,...

Nobuko Inagawa has written an excellent paper on the relevance of Japanese experiences for a successful integration of Central and Eastern European countries (CEECs) into the world economy. Talking about the case of Japan is particularly interesting - and potentially controversial - compared...

Die vorliegende Arbeit behandelt die Frage der industriepolitischen Beeinflussung in asiatischen Ländern und ob es im Rahmen einer globalisierten Ökonomie, in der sich die Wissensbeständeim Abstand von 5 Jahren jeweils verdoppeln, auch weiterhin ein Erfolgsmodell sein wird.

This paper explores the role of country asymmetries for trade and industrial policies withheterogeneous firms. Our analysis delivers a number of novel results. First, trade policies,infrastructure policies and industrial policies which improve the business conditions in onecountry have negative...

Business support policies designed to raise productivity and employment are commonworldwide, but rigorous micro-econometric evaluation of their causal effects is rare. Weexploit multiple changes in the area-specific eligibility criteria for a major program to supportmanufacturing jobs...