In the course of the economic and financial crisis, investment activity, which was not very strong to begin with, in Europe and especially the Eurozone caved in. In relation to gross domestic product, fixed capital formation declined by four percentage points since 2008. Already prior to the...

In the course of the economic and financial crisis, investment activity, which was not very strong to begin with, in Europe and especially the Eurozone caved in. In relation to gross domestic product, fixed capital formation declined by four percentage points since 2008. Already prior to the...

This paper investigates the relationship between global liquidity and commodity and food prices applying a global cointegrated vector-autoregressive model. We use different measures of global liquidity and various indices of commodity and food prices for the period 1980–2011. Our results...

In this paper we present an empirically stable euro area money demand model. Using a sample period until 2009:2 shows that the current financial and economic crisis that started in 2007 does not appear to have any noticeable impact on the stability of the euro area money demand function. We also...

This paper tackles the issue of cross-section dependence for the monetary exchange rate model in the presence of unobserved common factors using panel data from 1973 until 2007 for 19 OECD countries. Applying a principal component analysis we distinguish between common factors and idiosyncratic...

This paper investigates the relationship between global liquidity and commodity and food prices applying a global cointegrated vector-autoregressive model. We use different measures of global liquidity and various indices of commodity and food prices for the period 1980-2011. Our results support...

We assess the significance of global shocks for the world economy and national central banks and governments. More specifically, we investigate whether monetary policy has become less effective in the wake of financial globalization. We also analyze whether there is increasing uncertainty for...

This paper investigates the relationship between global liquidity and commodity and food prices applying a global cointegrated vector-autoregressive model. We use different measures of global liquidity and various indices of commodity and food prices for the period 1980-2011. Our results support...

This paper tackles the question of whether a cross-sectional perspective on monetary policy is capable of explaining movements in global commodity prices. In this vein, we contribute to the rich literature on global liquidity in two different ways: on the one hand, to achieve a global series in...

The German economy has veered back on an upward course, after weak growth in the summer semester 2014. In this projection, real GDP is estimated to grow by 1.5 percent in 2014, by 1.4 percent in 2015 and by 1.7 percent in 2016. Inflation is projected to remain low, with 0.9 percent in 2014, 0.7...