A large share of global trade being priced and invoiced primarily in US dollar rather than the exporter's or the importer's currency...

If the monetary authority lacks commitment, a monetary union can dominate flexible exchange rates. With forward-looking staggered...

The costs and benfits of moving from a flexible exchange rate regime to a monetary union depend critically on the conduct of monetary...

Die deutsche Wirtschaft befindet sich seit Beginn des Jahres 2018 im Abschwung, wobei die konjunkturelle Dynamik vor allem durch das...

We explore the network topology arising from a dataset of the overnight interbank transactions on the e-MID trading platform from...

Governments often issue bonds in foreign jurisdictions, which can provide additional legal protection vis-à-vis domestic bonds. This...

The effects of monetary policy during financial crises differ substantially from those in normal times. Using a panel VAR for 20...

This paper analyzes Germany’s unusual labor market experience during the Great Recession. We estimate a general equilibrium model with...

The authors develop a dynamic general equilibrium trade model with comparative advantage, heterogeneous firms, heterogeneous workers...

Volkswirtschaften spezialisieren sich typischerweise entlang ihrer komparativen Vorteile auf die Produktion bestimmter Güter. Dadurch...

Kiel Policy Brief No. 90: According to the authors, improving institutions to stimulate entrepreneurial action and investment is the...

The desirability of flexible exchange rates is a central tenet in international macroeconomics. We show that, with forward-looking...

The macroeconomic surveillance mechanism of the European Union, namely the Macroeconomic Imbalance Procedure (MIP), is based on the...

This paper analyzes the costs of housing crises in terms of GDP growth and the economic conditions under which crises are particularly...

This paper analyzes the costs of housing crises in terms of GDP growth and the economic conditions under which crises are particularly...

I analyze spillover effects from a Euro area monetary policy shock to fourteen European countries outside the Euro area. The analysis...

I empirically analyze the dynamics of business investment following normal recessions (declines in business investment that are not...

We analyze cyclical co-movement in credit, house prices, equity prices, and long-term interest rates across 17 advanced economies....

Kiel Policy Brief No. 25: In response to the recent global recession triggered by the financial crisis of 2007, many governments have...

We analyze the international transmission of financial stress and its eff ects on global economic activity. Our analysis is based on...