The main topic of the research work is, whether the exchange rate targeting is an efficient strategy for maintaining price stability without decelerating the economic growth below the potential one in a situation when national currency area is not an optimum currency area with the anchor...

The paper studies the inflation rate associated with optimal monetary and fiscal policy in a number of standard dynamic stochastic general equilibrium models with nominal price rigidities. While the focus is on Calvo-style nominal price contracts with a range of indexation rules for constrained...

The dissertation includes four studies broadly connected to the causes and consequences of the Global Financial Crisis of 2007-8 from a political economy perspective. Following the intro-duction, Chapter 2 analyzes the political roots of massive foreign reserves accumulation, which has...

Um der Coronakrise mit ihren enormen Auswirkungen auf Gesellschaft und Wirtschaft zu begegnen, sind qualitativ hochwertige Statistiken unverzichtbar. Dabei kommt der Inflationsmessung – verstärkt durch die Überprüfung der geldpolitischen Strategie der Europäischen Zentralbank – besondere...

We examine the implications of monetary union for macroeconomic stabilisation in catching up participating countries. We allow member states’supply conditions to differ inside the union, especially with regard to sectoral characteristics. Sectoral productivity shocks on balance hamper the...

We study optimal monetary policy in a flexible state-dependent pricing framework, in which monopolistic competition and stochastic menu costs are the only distortions. We show analytically that it is optimal to commit to zero inflation in the long run. Moreover, our numerical simulations...