We examine the sources of macroeconomic economic fluctuations by estimating a variety of medium-scale DSGE models within a unified framework that incorporates regime switching both in shock variances and in the inflation target. Our general framework includes a number of different model features...

Die in der Republik Belarus vor allem auf Betreiben von Präsident Lukaschenko verfolgte Wirtschaftspolitik wird seit Jahren von praktisch allen Beobachtern wegen unverkennbarer Rückschritte zu planwirtschaftlichen Rahmenbedingungen negativ eingeschätzt. Die Kritik kommt von so verschiedenen...

Strengthening potential output is high on the agenda for economic policy in the European Union. While there is widespread agreement that structural policies have a positive impact on long-term growth, there is a controversial discussion whether coordination of macroeconomic policies can...

We propose a method for indentifying discretionary fiscal policy with real time data. The starting point is the observation that automatic stabilizers should depend on true GDP, while discretionary fiscal policy depends on the information that policy makers have in real time. We approximate the...

Kann die Institutionalisierung eines Makroökonomischen Dialogs im Anschluss an den Kölner Gipfel 1999 als Ausdruck einer keynesianischen Orientierung gewertet werden? Haben sich die damit verknüpften Hoffnungen auf eine bessere Abstimmung von Geld-, Lohn- und Fiskalpolitik nach fünf Jahren...

This paper traces the euro zone's inadequate macroeconomic performance in recent years back to the predominance of a restrictive macroeconomic policy mix based on a 'new monetarist' approach to economic policy. An approach based on a (post-)Keynesian analysis is presented as a growth and...

Modelle der neu-keynesianischen Ökonomie geben eine Erklärung für die kurzfristige Nichtneutralität des Geldes. Als Erklärungsansatz dient hierbei die Annahme nominaler Rigiditäten auf dem Arbeits- und Gütermarkt. Der vorliegende Beitrag zielt auf einen Vergleich zweier Modelle der...

The 1990s were the most prosperous decade in U.S. economic history. The paper analyses to which extent this period fits into preceding cyclical experience. This is done by classifying the period 1991-12 to 2000-12 with the help of a 4-phase classification scheme based on multivariate...

The main characteristic of the implementation of the European Monetary Union (EMU) is the transition from various national currencies to the Euro, the common European currency. A final fixing of the individual bilateral exchange rates of all European countries involved in the Monetary Union...

The paper considers optimal monetary stabilization policy in a forward-looking model, when the central bank recognizes that private-sector expectations need not be precisely modelconsistent, and wishes to choose a policy that will be as good as possible in the case of any beliefs that are close...