Information asymmetries seem to play an important role in monetary economics. We consider three forms of information transmission which can be used to alleviate these information asymmetries. First, if information is verifiable or the publication of information is in the central bank's interest,...

This paper argues that when EU member states joined EMU, this resulted in domestic institutional changes in the areas of fiscal policy-making and wage-setting. The paper argues that these changes were triggered by two facts: (i) in EMU, the monetary policy can no longer be used as an instrument...

This paper analyses the implications of a continued divergence of TARGET2 balances for monetary policy in the euro area. The accumulation of TARGET2 claims (liabilities) would make the ECB’s liquidity management asymmetric once the TARGET2 claims in core countries have crowded out central bank...

[From the introduction]. The synchronicity of cycles in real output is a subject that has attracted increased attention in the eld of economics, largely because not only is the international synchronicity of turning points of business cycles a "stylized fact", but also because within a monetary...