In this paper, the monetary policy independence of European nations in the years before European Monetary Union (EMU) is investigated using cointegration techniques. Daily data is used to assess pairwise relationships between individual EMU nations and ‘lead' nation Germany, to assess the...

The cross-border cooperation is a basic part of the European integration process; it is considerably present in the regional newspapers, although there is neither a constant reference to the European context nor a strategy for people’s information which should translate the substance of...

Die Debatte über Leistungsbilanzungleichgewichte in der Eurozone mündete im November 2013 in ein Prüfverfahren der EU-Kommission gegen Deutschland. Das Ergebnis lautet, dass der anhaltend hohe Überschuss in der deutschen Leistungsbilanz das Funktionieren der Eurozone gefährde. Anton Konrad...

This study contributes to the literature by identifying the most appropriate factor to detect and measure Financial Cycles, similar to Gross Domestic Product (GDP) for Business Cycles. Four financial variables were included in the study: Credit, House Prices, Share Prices and Interest Rates. The...

Monetary policy and fiscal dynamics are inexorably linked. When a government faces the risk of getting caught in a high debt trap, debt monetization may become an appealing option. However, independent central banks may be able to allay debt concerns without compromising price stability. One...

This paper studies the monetary policy of the Federal Reserve (Fed) and the Bundesbank / European Central Bank (ECB) with respect to stock or/and foreign exchange markets from 1979 to 2009. I find that Fed policy changed over time, dependent on the chairman of the Fed. During the Greenspan era...

This paper studies the monetary policy of the Federal Reserve (Fed) and the Bundesbank / European Central Bank (ECB) with respect to stock or/and foreign exchange markets from 1979 to 2009. I find that Fed policy changed over time, dependent on the chairman of the Fed. During the Greenspan era...

Highlighting that France and Germany held largely contradicting hopes and aspirations for Europe's common currency, this paper analyzes how the resulting euro contradiction conditioned the ongoing euro crisis as well as current strategies to resolve it. While Germany generally prevailed in...

This paper estimates a three-region macroeconomic model to analyse the key drivers of Germany's GDP, inflation, and wage growth during the COVID-19 pandemic and inflation surge. Incorporating COVID-related demand and supply shocks, trade in commodities, and endogenous ELB periods, the results...

This paper estimates a three-region macroeconomic model to analyse the key drivers of Germany’s GDP, inflation, and wage growth during the COVID-19 pandemic and inflation surge. Incorporating COVID-related demand and supply shocks, trade in commodities, and endogenous ELB periods, the results...