The aim of this note is to provide an overview of various measures of excess liquidity, which can be defined as the deviation of the actual stock of money from an estimated equilibrium level. Given their dynamic nature, the excess liquidity measures under review are - in the light of long and...

Monetary policies of the ECB and US Fed can be characterised by Taylor rules, that is both central banks seem to be setting rates by taking into account the output gap and inflation. We also set up and tested Taylor rules which incorporate money growth and the euro-dollar exchange rate, thereby...

One major outcome of the review of the ECBs two pillar monetary policy strategy, which was published on 8 May 2003, has been the de facto downgrading of the hitherto prominent role assigned to the stock of money. According to the authors judgement, however, there is a strong theoretical and...

Thorsten Polleit ist ein renommierter Finanzexperte, der seit den 1990er Jahren in Zeitschriftenbeiträgen und auf Konferenzen präsent ist und für freie Marktwirtschaft ohne staatliche Interventionen plädiert. In diesem Werk beschäftigt er sich eingehend mit dem "Value Investing". Dabei rät...