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Monetary Discipline, Germany, and the European Monetary System

Melitz, Jacques - C.E.P.R. Discussion Papers - 1987

Germany in the EMS and is consistent with the evidence that membership has induced several countries to disinflate more than …

Persistent link: https://www.econbiz.de/10005791579

With a Bang, Not a Whimper: Pricking Germany's 'Stock Market Bubble' in 1927 and the Slide into Depression

Voth, Hans-Joachim - C.E.P.R. Discussion Papers - 2002

Asset price inflation presents central banks with a puzzle. I examine the case of Germany, 1925-7, when the Reichsbank …

Persistent link: https://www.econbiz.de/10005792124

Why Does the Yield Curve Predict Economic Activity? Dissecting the Evidence for Germany and the United States

Smets, Frank; Tsatsaronis, Kostas - C.E.P.R. Discussion Papers - 1997

This paper investigates why the slope of the yield curve predicts future economic activity in Germany and the United … spread in that country. However, the main reason for the stronger leading indicator property in Germany is the positive … at lag four in Germany and almost nothing in the United States. …

Persistent link: https://www.econbiz.de/10005123911

Monetary Policy In The Open Economy Revisited: Price Setting Rules And Exchange Rate Flexibility

Devereux, Michael B; Engel, Charles M - C.E.P.R. Discussion Papers - 2000

This paper develops a welfare-based model of monetary policy in an open economy. We focus on the extent to which monetary policy should be employed in maintaining the exchange rate. The traditional approach maintains that exchange rate flexibility is desirable in the presence of real...

Persistent link: https://www.econbiz.de/10005504222

Monetary Policy Interactions under Managed Exchange Rates

Giavazzi, Francesco; Giovannini, Alberto - C.E.P.R. Discussion Papers - 1986

This paper studies monetary policy games in a two-period Mundell-Fleming model, under a regime of managed exchange rates. A regime of managed exchange rates is defined as one where exchange rates are pegged but bilateral parities can be changed from time to time. The paper argues that such a...

Persistent link: https://www.econbiz.de/10005504262

Monetary and Fiscal Policy in an Optimizing Model with Capital Accumulation and Finite Lives

Marini, Giancarlo; van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 1987

This paper considers the effects of monetary and fiscal policies in an optimizing model with capital accumulation and finite lives. An increase in monetary growth is no longer superneutral in a money-capital economy, but leads to a reduction in the real interest rate and increases in the capital...

Persistent link: https://www.econbiz.de/10005504290

Back to Keynes?

van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 2005

After a brief review of classical, Keynesian, New Classical and New Keynesian theories of macroeconomic policy, we assess whether New Keynesian Economics captures the quintessential features stressed by JM Keynes. Particular attention is paid to Keynesian features omitted in New Keynesian...

Persistent link: https://www.econbiz.de/10005504355

Financial Crises, Monetary Policy and Financial Fragility; A Second-Generation Model of Currency Crises

Eijffinger, Sylvester C W; Goderis, Benedikt - C.E.P.R. Discussion Papers - 2002

In this Paper we present a model that combines the second-generation trade-off between costs of maintenance and abandonment with possible balance-sheet problems in the corporate sector. We show how debt levels can move a small economy from a fixed exchange rate to a floating exchange rate...

Persistent link: https://www.econbiz.de/10005504385

Costs and Benefits of Monetary Union

Eichengreen, Barry - C.E.P.R. Discussion Papers - 1990

significant. Institutional innovations such as fiscal federalism within the EC and expanded swap facilities within the EMS are …

Persistent link: https://www.econbiz.de/10005504417

Monetary Interdependence under Alternative Exchange-Rate Regimes: A European Perspective

van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 1989

at the expense of Germany. The robustness of the results with respect to rational expectations and wage-price dynamics is …

Persistent link: https://www.econbiz.de/10005504499