Global excess liquidity is sometimes believed to limit sovereign monetary policy even in large economies, including the euro area. There is much discussion about what constitutes global excess liquidity and our approach adjusts liquidity for longer-term interest rate and output effects. We find...

Global excess liquidity is sometimes believed to limit sovereign monetary policy even in large economies, including the euro area. There is much discussion about what constitutes global excess liquidity and our approach adjusts liquidity for longer-term interest rate and output effects. We find...

Frontmatter -- Inhaltsverzeichnis -- 1. Einleitung -- 2. Ein Vergleich von Freiburger und Österreichischer Schule -- 3. Schumpeter - Unternehmertheorie und Konjunkturablauf sowie die Frage nach Kapitalismus, Sozialismus und Demokratie -- 4. Milton Friedman - Freiheit und das Wachstum der...

This paper analyzes the stabilizing properties of alternative monetary policy regimes. In practice there is a choice between two broad types of monetary policy regimes: a fixed exchange rate regime or a floating exchange rate regime. In this paper I compare exchange rate targeting with different...