KBW 5: The report addresses potential effects on the German economy by the extremely expansionary monetary policy of the Eurosystem with large liquidity flows into Germany. The authors discuss various monetary transmission channels from a theoretical...

Whether countries benefit from forming a monetary union depends critically on the way monetary policy is conducted. This is mainly because monetary policy determines whether and to what extent a flexible nominal exchange rate fosters or hampers...

Kiel Policy Brief No. 90: According to the authors, improving institutions to stimulate entrepreneurial action and investment is the key for prosperity and growth in Greece.

The desirability of flexible exchange rates is a central tenet in international macroeconomics. We show that, with forward-looking staggered pricing, this result crucially depends on the monetary authority's ability to commit. Under full commitment,...

The desirability of flexible exchange rates is a central tenet in international macroeconomics. We show that, with forward-looking staggered pricing, this result crucially depends on the monetary authority's ability to commit. Under full commitment,...

KBW 11: The persistently high German current account surpluses are subject to increasing international criticism based on the presumption that they are negative

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

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

KBW 36: The extremely low interest environment during the 2010s has significantly facilitated the reduction of the gross government debt-to-GDP ratio in Germany in the aftermath of the global financial crisis.