In this paper, we provide some reflections on the development of monetary theory and monetary policy over the last 150 years. Rather than presenting an encompassing overview, which would be overambitious, we simply concentrate on a few selected aspects that we view as milestones in the...

In this paper, we provide some reflections on the development of monetary theory and monetary policy over the last 150 years. Rather than presenting an encompassing overview, which would be overambitious, we simply concentrate on a few selected aspects that we view as milestones in the...

This paper outlines important lessons for monetary policy. In particular, the role of inflation targeting, which was much acclaimed prior to the financial crisis and since then has not lost much of its endorsement, is critically reviewed. Ignoring the relation between monetary policy and asset...

Vor 25 Jahren, am 1. Januar 1999, schlug die Geburtsstunde des Euro. Die gemeinsame Währung hat seitdem Europa geprägt und sich neben dem Dollar als zweitwichtigste Währung in der Welt etabliert. Als erster Chefökonom stand der Autor, Otmar Issing, im Mittelpunkt des Geschehens. In vielen...