In this paper, we consider the effect of a monetary union in a model with a significant role for financial market imperfections. We do so by introducing a financial accelerator into a stochastic general equilibrium model of a two country economy. We show that financial market imperfections...

The CEEC are approaching the accession to the EU with a variety of exchange rate regimes. The authors find that these differences depend on economical factors as well as on the history of the countries. For that purpose, they discuss the role of the exchange rate in the stabilization of the...

This paper aims at the provision of applicable recommendations for institutions and actors involved regarding the EMU accession process both in CEE and in the euro-zone. In order to provide topical advice, the first part, on markets, will concentrate on theory and empirics of labour markets,...

This paper argues that the implications of globalization for monetary policy come mainly through two channels: On the one hand, the many structural changes, which are associated with the globalization process, cause an increase in uncertainty surrounding monetary policy. This leads to an...

Das Target-System, das zur Erleichterung von Geldüberweisungen zwischen Ländern der Eurozone etabliert wurde, stößt seit etwa zehn Jahren seitens einiger, insbesondere deutscher Ökonomen, auf vehemente Kritik, die durch Hans Werner Sinn ausgelöst wurde. Anlass für diese Kritik waren die...

This paper aims at the provision of applicable recommendations for institutions and actors involved regarding the EMU accession process both in CEE and in the euro-zone. In order to provide topical advice, the first part, on markets, will concentrate on theory and empirics of labour markets,...

This paper aims at the provision of applicable recommendations for institutions and actors involved regarding the EMU accession process both in CEE and in the euro-zone. In order to provide topical advice, the first part, on markets, will concentrate on theory and empirics of labour markets,...

Spain has experienced many financial crises through its history. These financial crises have varied origins. However, they do have common threads. The current recession and subsequent debt crisis follow the same pattern. The fiscal and monetary policies of the Spanish government have played a...

This paper has a two-fold orientation; firstly, it examines the linkages and the time-series properties of a set of nominal and real macroeconomic variables in Greece, under different exchange rate systems and varying fiscal regimes. Secondly, it makes an effort to evaluate some macro-governance...

Japan's experience shows that very negative circumstances are required for a country to suffer from protracted deflation. The comparison of Japan's developments in the last few years with those of the US points to large differences, which suggest that the risk of deflation in the US is low....