The Austrian economists Ludwig von Mises and Friedrich A. Hayek developed a unique theory of the business cycle. In …

auf die Wohlfahrt und die optimale Geldpolitik. Betrachtet werden zwei Möglichkeiten, wie die Wettbewerbsintensität am … die Geldpolitik effektiver sein, wenn die Länder größere Asymmetrien aufweisen. Diese Ergebnisse legen es nahe, dass die … intensiver ist. Die optimale Geldpolitik der Zentralbank der Währungsunion wird ermittelt und mit einer einfachen Taylor …

sunspots . Separately, recent work by a number of authors has shown that sunspot equilibria previously thought to be unstable …

erroneously assumed away sunspots which shows up as non-constant variances of fundamental shocks during the earlier period. …

monetary policy and sunspots. The key distinction between the shocks lies in their relation to the realized policy shock. If … monetary policy is 'active', the sunspots are irrelevant, and the model responses to the news shocks are unique. In both cases …

monetary policy and sunspots. The key distinction between the shocks lies in their relation to the realized policy shock. If … monetary policy is 'active', the sunspots are irrelevant, and the model responses to the news shocks are unique. In both cases …

. Indeterminacy remains prevalent, stable sunspots abound, and inertia in IS and AS relations do not significantly impact the policy … region containing stable sunspots. …

potential dependence on extraneous "sunspots," for some structural and policy parameters. We investigate the stability of these …