Can Europe's post-war experience with fixed exchange rates be useful for today's emerging market countries? A new conventional wisdom suggests that the answer is negative, that in today's world of huge capital flows the only choice is between freely floating exchange rates and hard pegs. The...

Dieses Lehrbuch präsentiert eine moderne Makroökonomik in einem europäischen und globalen Kontext. Es stellt verschiedene Theorieansätze vor und nimmt konsequent Bezug auf aktuelle Daten und Beispiele.

A stylized fact of the transition process is an early profound exchange rate depreciation followed by continuing real appreciation. Absent historical reference points, it is difficult to judge whether the real appreciation is threatening competitiveness. This paper interprets the stylized facts...