Ende Januar einigten sich 25 EU-Staaten in einem Fiskalpakt auf Schuldenbremsen, die sie auf eine Politik des ausgeglichenen Haushalts festlegen. Für den Fall von Abweichungen soll ein automatischer Korrekturmechanismus in die Regelungen integriert werden. Die Einfügung von Schuldenbremsen in...

In recent years, various "unconventional" views have been advanced that promise to offer new analytical insights and policy approaches that are suited to control the value of money, particularly in a constellation of low growth and unemployment. Whereas Forward Guidance attempts to decrease the...

Old OCA theory recommends to unite homogenous countries so that their macroeconomic interrelations do not pose severe stabilisation problems. New OCA theory rightly criticizes the 1960s flavour of the old approach and believes in the endogenous emergence of an OCA if countries use the facilities...

A hybrid standard macro model is supplemented by an explicit analysis of bank lending, based on a five-position aggregative balance sheet. In the model's two versions credit supply is based on a leverage targeting rule or on simple optimisation, taking into account lending risks and funding...