The large Public Sector Purchase Programme (PSPP) which the ECB started in 2015 on the basis of monetary policy purposes, had major side-effects on fiscal policy. One concerns the programme´s uncommon seigniorage effects. We find that the PSPP not only led to partly negative seigniorage gains,...

Der vorliegende Beitrag befasst sich mit der Frage, ob der Louvre-Accord als eine Umsetzung derZielzonenvorschläge von WILLIAMSON und McKINNON angesehen werden kann. Wir untersuchen, welche Massnahmen ergriffen wurden, um das im Louvre-Abkommen angestrebte Ziel einer Wechselkursstabilisierung...

EU Member countries have shown different degrees of ambition to reach a budget position of "close to balance or in surplus". Differences in ambition can only partly be explained by the relative size of cyclical safety mar­gins or differences in the number of votes in the ECOFIN Council. It is...

EU Member countries have shown different degrees of ambition to reach a budget position of ""close to balance or in surplus"". Differences in ambition can only partly be explained by the relative size of cyclical safety mar-gins or differences in the number of votes in the ECOFIN Council. It is...

Previous research on the optimal size of a monetary policy committee (MPC) focused on theoretical analyses and experimental studies. These studies suggest that the ideal monetary policy committee may not have many more than five members. In this paper we conduct an empirical cross-country study...