• Die Unsicherheit im Markt für US-Staatsanleihen nimmt zu und Investoren suchen nach Alternativen. Für Europa entsteht daraus eine historische Chance, einen großen und liquiden europäischen Anleihenmarkt zu schaffen und dadurch die Finanzierungskosten europäischer Staatsschulden zu...

Assessing the magnitude of the output gap is critical to achieving an optimal policy mix. Unfortunately, the gap is an unobservable variable, which, in practice, has been estimated in a variety of ways, depending on the preferences of the modeler. This model selection problem leads to a...

This paper analyses the process of disintermediation, the progress in consolidation, the impact of new technologies, and the role of ownership and control structures for the euro area banking sector. The impact of these trends on competition policy, too big to fail concerns, and financial...

This paper analyzes common economic patterns across countries and economic sectors in Latin America, East Asia and Europe for the period 1970-94 by means of an error-components model that decomposes real value added growth in each country into common international effects, sector-specific...

With interest rates at zero where they are expected to remain for a long time, and with the main risk being that inflation is too low, fiscal policy must be active and contribute to cyclical stabilisation