Concerns have been raised in the media about a ‘one-size-fits-all’ monetary policy for the UK. If there are diverse economic conditions in different regions, then a unitary monetary policy cannot suit all. The purpose of this paper is to explore this issue further by breaking it down into...

This dissertation studies the relationship between the existence of multiple means of payment and the effects of monetary policy.Chapter 1 studies the choice of endogenous means of payment when holding money is risky. In steady state equilibrium, the marginal rate of substitution of cash goods...

This paper provides an empirical analysis of stock market reactions to monetary policy surprises. Its principal objective is to understand the heterogeneous nature of this type of response by examining a set of possible explanatory factors. I find that a hypothetical unanticipated increase of 25...

Diese Dissertation beinhaltet drei eigenständige Aufsätze, die die Interaktionen von Bewertungsmodellen für Wertpapiere, Finanzmärkten und der Volkswirtschaft untersuchen. Alle drei Papiere tragen zu einem besseren Verständnis von Verknüpfungen zwischen Finanzmärkten und Realwirtschaft....

Diese Dissertation besteht aus vier eigenständigen Aufsätzen. Das erste Kapitel liefert eine Einleitung uns einen Literaturüberblick. Im zweiten Kapitel schätzen wir die Effekte eines geldpolitischen Schocks in einer Bayesianischen faktorerweiterten Vektorautoregression. Als ein...

In July 1944, representatives of the Allied nations gathered in BrettonWoods, New Hampshire and signed an agreement to rebuild the internationalmonetary system. From 1946 until August 15, 1971, major currencies were fixed tothe US dollar, and the dollar was, at the same time, convertible to gold...

This Article, a sequel to earlier articles by the author on financial regulation and global finance, retrieves and updates J. M. Keynes’s original International Clearing Union plan for what ultimately became the International Monetary Fund (“IMF,” “Fund”).  Its motives are not...

The role played by monetary policy in creating the conditions that culminated in the current crisis and the failure of the Fed’s efforts to end the credit freeze in 2008 are critical components of the analysis needed as a backdrop for reform. This paper argues that the link between excess...

Aging populations have altered saving and investment patterns in many developed and emerging market economies. The structural changes that have occurred have important implications for financial stability and for the conduct of monetary policy. As assets and borrowing shifted from banks to...

This paper presents new non-linear regression estimates of the relationship between inflation and economic growth for 80 countries over the period 1961 – 2000. We perform tests using the full sample of countries as well as sub-samples consisting of OECD countries, middle-income countries, and...