Shortly before the parliamentary election in 2013, Germany is riding on a wave of euphoria: hardly any other euro country has weathered the financial and debt crisis so well. Since 2009, GDP has grown by over eight percent and 1.2 million new jobs have been created. Public finances were...

The coalition agreement of November 2013 includes a number of specific and ambitious goals relating to economic and social development. For instance, investment in infrastructure is to be increased and the income situation of certain groups of pensioners and employees improved through higher...

Kurz vor der Bundestagswahl 2013 schwimmt Deutschland in den Augen der Ökonomen auf einer Welle der Euphorie: Kaum ein anderes Euroland hat die Finanz- und Schuldenkrise so gut gemeistert. Das deutsche Bruttoinlandsprodukt ist seit 2009 um mehr als acht Prozent gewachsen, es entstanden rund 1,2...

This paper analyzes the integration process of European equity markets since the 1980s. Its central focus is on the role that EMU, and specifically, changes in exchange rate volatility, has played in this process of financial integration.

This paper is an attempt to explain currency crises and exchange rate movements in open emerging markets during the 1990s. A model is developed that allows a systematic comparison and evaluation of three competing explanations for crises: weak economic fundamentals, contagion and sunspots, i.e....

This paper analyses the integration process of European equity markets since the 1980s. Its central focus is on the role that EMU, and specifically, changes in exchange rate volatility, has played in this process of financial integration. Building on an uncovered interest rate parity condition...

The paper assesses the communication strategies of the Federal Reserve, the Bank of England, and the European Central Bank and their effectiveness. We find that the effectiveness of communication is not independent from the decision-making process. The paper shows that the Federal Reserve has...

The paper shows that central bank communication is a key determinant of the market’s ability to anticipate monetary policy decisions and the future path of interest rates. Comparing communication policies by the Federal Reserve, the Bank of England and the ECB since 1999, we find that...