Zusammenfassung Dieser Beitrag liefert einen Uberblick über die Bedeutung asymmetrischer makroökonomischer Strukturen in den EWU Mitgliedsländern für die einheitliche Geldpolitik. Zunächst wird im Rahmen eines Modells illustriert, welche grundsätzliche Bedeutung asymmetrischen...

Summary This paper examines the spillovers of domestic fiscal expansion in a monetary union. Such a policy action leads to cross-country crowding-out effects on the one hand and cross-country multiplier effects on the other. The overall effect is indeterminate a priori. The approach pursued is...

This study empirically examines the effectiveness of Fed intervention on the USD/DM exchange market using an event study approach. The event window is defined as 4 (8) days prior/post an intervention. Based on the empirical analysis, the results show that when the Fed follows an "against the...

Zusammenfassung Der Beitrag analysiert die kurz-, mittel- und langfristigen Wirkungen antizipierter angebotsorientierter Politikmaßnahmen im Rahmen eines dynamischen Modells für eine Währungsunion, das durch perfekte Voraussicht, Sattelpunktstabilität und importierte Vorleistungen...

Summary The OMT programme has been strongly criticized as being incompatible with the ECB’s mandate. Applying standard lender of last resort (LoLR) theory in the assessment of the OMT we find that when de facto operating as a LoLR for governments, the ECB is as much is line with its mandate as...

Abstract The paper investigates the impact of automatic horizontal fiscal transfers on risk sharing and consumption smoothing in a 2-country DSGE model of monetary union. In particular, it uses the Asdrubali et al. (1996) approach to quantify and decompose the strength of consumption...

Summary This paper expands the empirical analysis of hysteresis in trade in two directions. First, it uses disaggregate data for exports from Germany to the U.S. to minimise aggregation problems. Second, it introduces a new non-linear model to test for the non-linear parameter. The model is...

Summary Diba and Grossman (1987) demonstrated that the conception of a rational bubble as defined by Blanchard and Watson (1982) is impossible. The present paper shows that this impossibility theorem also applies under various imperfections and irrationalities. These are: sticky goods prices,...

Summary This study aims to determine whether forward discount represents a long memory or short memory process with multiple changes in the mean. Based on the samples of six currencies from November 3, 1986, to March 6, 1998, using Baek and Pipiras’s (2012, 2014) statistical procedures, our...

Abstract Almost all countries face the problems of trade balance, although they are more inherent in developing countries and economies in transition. A majority of economists adhere to a common opinion that real depreciation may lead to an improvement of trade balance. That said, countries...