This paper studies the inflation and interest rate performances since the late 1970s for six former highinflation countries that adopted inflation targeting (IT) in the early 1990’s. Using Germany, Switzerland and the US for comparison, we look at various aspects of central bank performance in...

Contents: 1 - Jürgen von Hagen, Jean Pisani-Ferry - Forum Economique Franco-Allemand /Deutsch-Französisches Wirtschaftspolitisches Forum -- 4 - Pierre Jacquet, Jean Pisani-Ferry, Dominique Strauss-Kahn - Trade Rules and Global Governance: A long term Agenda -- 21 - Reinhard H. Schmidt - The...

This study illustrates that the empirical rejection of the forward rate unbiasedness hypothesis is not sensitive to whether the forward U.S. dollar is quoted at a premium or a discount. It is argued that the reported finding of so-called asymmetry in forward exchange rate bias in earlier work is...

In diesem Papier wird untersucht, ob bzw. wie sich im Rahmen des Kyoto Protokolls die globalen Emissionsreduktionsziele mit der ökonomischen Rationalität der beteiligten Länder in Einklang bringen lassen. Den äußeren Rahmen der Analyse bildet eine spieltheoretische Darstellung der...

This paper deals with a 'new' type of monetary policy making: Inflation Targeting (IT). It attempts to identify reasons for which countries might be inclined to adopt this framework for monetary policy. By reviewing recent experience of inflation targeting countries, the paper outlines the major...

This paper studies the nature of spillover effects in bank lending flows from advanced to the emerging market economies and identifies specific channels through which such effects occur. Based on a gravity model we examine a panel data set on cross-border bank flows from 17 advanced to 28...

For decades, nontariff trade barriers (NTBs) have been regarded as more problematic policy instruments than tariffs in international trade negotiations. This is due to the fact that trade impacts of nontariff trade barriers are less transparent than those of tariffs. Tariffication of nontariff...