I analyze spillover effects from Euro area monetary policy shocks to thirteen EU countries outside the Euro area, i.e., ten countries from Central and Eastern Europe (CEE) and three Western EU members. The analysis is based on a FAVAR model with two blocks which exploits a large cross-country...

This paper provides evidence that the choice of the foreign exchange regime is not of first order importance for achieving high output growth. It is argued that due to the forward looking nature of the foreign exchange market, exchange rate stability hinges on the current and anticipated...

Die Geldwanderung in und aus den zentral- und osteuropäischen Transformationsländern sind sehr hoch, deshalb ist ihre Abhängigkeit von internationalen Kapitalmärkten sehr stark. Die einzelnen Länder haben verschiedene Devisenkurssysteme eingerichtet und Systemveränderungen vorgenommen, um...