This paper analyzes the international transmission of economic distur-bances in a three-country world where two countries have no macroeconomic impact on a third country but are large enough to influence each other un-der fixed and flexible exchange rates. While the fixed exchange rate (FER)...

Die nachfolgenden Papiere beschäftigen sich mit der innerdeutschen Währungsunion. Sie sind alle entweder bereits veröffentlicht oder ihre Veröffentlichung steht unmittelbar bevor (Handelsblatt, Zeitschrift für das Gesamte Kreditwesen, Die Bank). Die Papiere werden in der Reihenfolge...

The present monetary strategy within the DM-standard is shown to be inefficient and an improvement of the current strategy is proposed.

The current discussion about stability of the European money demand function is flawed by a confusion of two different concepts of stability (adjustment speed versus error variance). The meaning and importance of the underlying notions of stability is clarified. It is demonstrated that necessary...

The hypothesis of the paper that the European money demand function is more stable than the money demand function of any single European country is based on the well known portfolio diversification principle. Econometric estimates of country specific and European money demand functions confirm...