While the empirical literature on money demand is vast by any standards, it is relatively silent when it comes to the Euro, a major currency in the world. This hampers efforts, for example, to determine whether or not the European Central Bank can target monetary aggregates for inflation...

After reviewing the measurement of central bank independence since the original measurement of Bade and Parkin and of Banaian, Laney and Willett, I reconsider the use of a scoring system for central banks as practiced by most modern papers. I conclude that these measures introduce errors that...

As a small, open economy with a small export sector, Armenia has experienced a large amount of stress from the financial crisis. The government exited a peg-like exchange rate regime after a drain of foreign reserves. The loss of reserves was put to loss of revenues from mining exports, but can...

Inflationssteuer vermutlich in jeder Höhe ineffizient Die traditionelle Berechnung der optimalen Inflationssteuer führt zu optimalen Inflationsraten von zwischen 30% und 200%. Dies läßt jegliche von erwarteten höheren Inflationsraten verursachte Outputkosten außer acht. Wir behaupten, daß...

This paper modifies an ad hoc index originated by Eichengreen et al (1995,1996), which is often used to document financial crises in emerging markets. By assuming nonlinear dynamics in a system of financial data, we successfully develop an alternative approach that not only captures the essence...

Purpose – The latest generation of research into macroeconomic policy has turned from more technical aspects of optimal control and expectations formation to consideration of the policymaking institutions themselves. More and more countries have moved towards greater degrees of central bank...