New Keynesian Macroeconomics (NKM) obeys to the new dogma that macroeconomics should be firmly grounded in First Principles of micro theory. Households are assumed to run an intertemporal optimization calculus with respect to leisure and consumption by making use of perfect financial markets....

The paper explores whether central banks can keep their interest rates independent from given foreign rates, and to what extent interest policies designed to stabilise nominal exchange rate changes can be applied instead of, or in addition to, the traditional interest rate response to inflation...

Obwohl einzelne Elemente der europäischen Wirtschaftspolitik theoretisch wohl begründet sind und an der vorangegangenen Geschichte der Stabilitätspolitik im EWS anknüpfen, fehlt ein kohärentes Gesamtkonzept. Die Rolle eines für Nachfrage- und Konjunkturpolitik auf EWU-Ebene zuständigen...

While single elements of the European economic policy design are well founded, and have developed with some politico-economic logic from the history of stabilization policy, a coherent "concept" of monetary and fiscal policy is lacking. There is no agent who is responsible for demand...

"Uncertainty" indicated a critical post Keynesian argument against neoclassical monetarism, but was taken up by the European Central Bank (ECB) in order to emphasize the importance of the money supply indicator in its "two pillar" strategy. In a state of model uncertainty on behalf of market and...

Die Entschlossenheit der Wirtschaftspolitik,sich mit niedrigen Zinsen undfi skalischen Impulsen gegen dieWeltwirtschaftskrise zu stemmen,provoziert Infl ationsbefürchtungen.Sie beruhen teilweise auf Mißverständnissenhinsichtlich des „Gelddruckens“der Notenbanken. Die Geldpolitikverfügt...