This paper studies the reaction of the mean and volatility of the euro-dollar exchange rate to statements of ECB … officials during the first years of EMU. We focus on statements on monetary policy and the (potential) strength of the euro. We … find that the Bundesbank has dominated the news coverage. We conclude that ECB statements have mainly influenced volatility …

investigates the drivers of euro area current accounts, their divergence and subsequent rebalancing, within a structural model …

We assess to what extent wage inflation policies in Germany could contribute to an economic rebalancing in the euro … and output in Germany and the rest of the euro area. The duration of constant interest rates and expectations about the … consists of Germany, the rest of the euro area, and the rest of the world. …

The official view on ECB monetary policy claims that monetary decisions are based solely on average data for the euro … reaction function estimations and a probit model of interest rate decisions for the first years of the euro area. The results … offer some first weak support for an impact of regional divergence in ECB decision making. The results further clarify that …

Geldpolitik mit Hilfe von qualitativen Befragungsdaten. Besonderes Augenmerk liegt dabei auf der Untersuchung der Glaubwürdigkeit … Auswertung der Daten gehen eine ausführliche Übersicht über die wirtschaftswissenschaftliche Literatur zur Geldpolitik in den … wichtigsten empirischen Arbeiten zur Glaubwürdigkeit der Geldpolitik sowie eine kritische Würdigung des Befragungsinstrumentariums …