Monetary policy regimes encompass the constraints or limits imposed by custom, institutions and nature on the ability of the monetary authorities to influence the evolution of macroeconomic aggregates. This chapter surveys the historical experience of both international and domestic (national)...

According to the two-country full information New Keynesian model with flexible exchange rates, the real exchange rate appreciates in response to an asymmetric negative demand shock at the zero lower bound (ZLB) and exacerbates the adverse macroeconomic effects. This finding requires inflation...

This paper studies the role of the exchange rate regime for trade of new products. It first provides VAR evidence that a rise in external productivity shifts trade away from new products and more so in fixed regimes. Then, it presents a model with firm dynamics in line with this evidence. We...

Der vorliegende Bericht befasst sich mit der Wirtschaftslage der Tschechischen Republik im Jahre 2000. Unter makroökonomischen Gesichtspunkten wird die sich in letzten zehn Jahren verändernde wirtschaftliche Situation, insbesondere die Entwicklung des Bruttosozialproduktes und der...