Experience after the establishment of EMU shows that the behaviour of private consumers differs considerably among member countries and that average and marginal propensities to consume are fairly heterogeneous. In particular, there are clear differences between Germany and the rest of the euro...

Experience after the establishment of EMU shows that the behaviour of private consumers differs considerably among member countries and that average and marginal propensities to consume are fairly heterogeneous. In particular, there are clear differences between Germany and the rest of the euro...

Dieser Beitrag vergleicht auf der Grundlage von Zentralbank-Reaktionsfunktionen das Verhalten der Europäischen Zentralbank (EZB) mit dem der Deutschen Bundesbank und untersucht die makroökonomischen Implikationen für die Bundesrepublik Deutschland. Bei Zugrundelegung von Daten für das...

This paper analyzes the dynamic effects of anticipated monetary and fis- cal policies in a large monetary union, which is characterized by asym- metric interest rate transmission. We explicitly solve the asymmetric three-country model using the decomposition methods of Aoki (1981) and Fukuda...