In der Republik China auf Taiwan finden am 23. März 1996 die ersten feien Diektwahlen des Präsidenten statt. In dem Beitrag werden die historischen und ökonomischen Besonderheiten dieses "Unikums in der Geschichte des 20. Jahrhunderts" aufgezeigt, dessen reales Bruttoinlandsprocukt im...

The appropriate design of monetary policy in integrated financial markets is one of the most challenging areas for central banks. One hot topic is whether the rise in liquidity in recent years has contributed to the formation of price bubbles in asset markets. If strong linkages exist, the...

We examine the sources of macroeconomic economic fluctuations by estimating a variety of medium-scale DSGE models within a unified framework that incorporates regime switching both in shock variances and in the inflation target. Our general framework includes a number of different model features...

This paper studies a New Keynesian model in which monetary policy may switch between regimes. We derive sufficient conditions for indeterminacy that are easy to implement and we show that the necessary and sufficient condition for determinacy, provided by Davig and Leeper, is necessary but not...