The paper models the links between financial fragility, asset markets and monetary policy. It is shown that central bank’s concern about the cost of financial disruption may generate an asymmetric response, thus contributing to the creation of an asset price bubble. In an economy with a highly...

The article illustrates how the integration of modern theory of finance and stochastic dynamic macroeconomic analysis provides a deeper understanding of the link between asset prices and consumption. It shows that this approach gives only a partial explanation for recent trends in US...

The European Central Bank (ECB) recently announced its willingness to do whatever is needed to save the euro. This has raised the question whether such a role of the ECB must lead to higher rates of inflation. Under current recessive macroeconomic conditions in the eurozone, the ECB’s...

Die Europäische Zentralbank (EZB) beginnt 1999 ihre Arbeit. Ihren Auftrag hat sie erhalten, die Mitglieder der Europäischen Währungsunion stehen fest. Dennoch sind einige wesentliche Fragen noch immer offen: Für welche geldpolitische Strategie soll sich die EZB entscheiden und wie kann sie...

A Doctoral Thesis. Submitted in partial fulfillment of the requirements for the award of Doctor of Philosophy of Loughborough University. ; Polyaniline-based membranes were developed during this work. The combination of polyaniline with PVDF offers the opportunity of creating large, dense and...