Das Augenmerk richtet sich auf das Dienstleistungsabkommen GATS (General Agreement on Trade in Services), das sich 1994 'in due course' dem GATT (General Agreement on Trade and Tariffs) anschloss und zu den folgenträchtigsten Abkommen innerhalb der Welthandelsorganisation WTO gezählt werden...

From the perspective of welfare, by synthesizing the normative and empirical analysis, this paper applies the framework of ¡°new open economy macroeconomics¡± to the qualitative and quantitative researches on the choice of RMB exchange rate regime in the short and medium run. It sets up the...

Taylor rules which link short-term interest rates to fluctuations in inflation and output, have been shown to be a good guide (both positively and normatively) to the conduct of monetary policy. As a result they have been used extensively to model policy in the context of both closed and open...

This paper examines the welfare implications of international monetary co-operation using a stylised two-country New Keynesian general equilibrium model of imperfect information. We show that setting a self-oriented monetary policy rule generally leads to welfare gains relative to passive...

We study interactions between monetary and macroprudential policies in a model with nominal and financial frictions. The latter derive from a financial sector that provides credit and liquidity services that lead to a financial accelerator-cum-fire-sales amplification mechanism. In response to...

In this paper, I examine the international welfare effects of monetary policy. I develop a New Keynesian two-country model, where central banks in both countries follow the Taylor rule. I show that a decrease in the domestic interest rate, under producer currency pricing, is a beggar-thyself...