This volume was prepared by Simon Wiederhold during his stay at the Friedrich Schiller University of Jena and at the Duke University in Durham, U.S. It was accepted as a doctoral thesis by the School of Economics and Business Administration at the University of Jena in August 2011. The thesis...

This paper analyzes the factors underlying the weakness of the euro. For this purpose, the framework advocated by Clarida and Gali (1994) is used. Within this model, three structural shocks drive the dynamics of the endogenous variables: aggregate supply shocks, aggregate spending shocks, and...