We test for mean reversion in real exchange rates using data from five countries, four of whichhave experienced episodes of high inflation. We use monthly data for Argentina, Brazil, Chile,Colombia and Israel from 1972 to 1993 and find that in all cases except Brazil a stochastic unitroot model...

The real exchange rate - real interest rate (RERI) relationship is central to most open economy macroeconomic models. However, empirical support for the relationship, especially when cointegrationbased methods are used, is rather weak. In this paper we reinvestigate the RERI relationship using...

Eine kurze Geschichte der Geldpolitik -- Die Institutionen der Geldpolitik -- Der geldpolitische Auftrag – multiple Ziele oder klarer Fokus? -- Fokussierte Politik mit herkömmlichen Mitteln -- Ein Alternativmodell: die Stabilisierung des langfristigen Zinses -- Welcher Zins ist fest im...