Divisia-Geldmengenindizes. Ein Vorschlag zur theoretisch korrekten Erfassung des Geldes? Der vorliegende Beitrag analysiert den Vorschlag, "Geld" nicht durch ungewichtete Summenaggregate, sondern durch einen Divisia-Geldmengenindex zu definieren. Die zwei tragenden Säulen dieses Vorschlags sind...

We investigate monopolistic tendencies and the intensity of currency competition on the crypto market in the light of Hayek's "Denationalization of money". Interestingly, Hayek never considered differentiation and specialization by innovative private currencies could lead lasting currency...

Der Preis der Schwedischen Reichsbank für Wirtschaftswissenschaften im Gedenken an Alfred Nobel geht an Ben Bernanke, Douglas Diamond und Philip Dybvig. Nach Ansicht der Königlich Schwedischen Akademie der Wissenschaften haben die Preisträger "unser Verständnis der Rolle der Banken in der...

This paper shows that important insights for fiscal policy can be derived from Joseph Schumpeter's academic work. This concerns his fundamental distinction between theories in which the monetary sphere is identical with the real sphere ("real analysis"), and theories in which financial sphere is...

This study describes the Chinese growth model over the past 40 years. We show that China's growth model, with its dominant role of the banking system and "the banker", is a perfect illustration of the necessity and power of Schumpeter's "monetary analysis". This approach has allowed us to...

The ECB has embarked on an uncertain path with the digital euro project. It is pursuing a strategy that is unclear about whatproblems it is trying to solve and what specific goals it is trying to achieve. The ECB has not yet been able to diagnose a clear marketfailure that would justify such...

The study discusses the distribution of roles between monetary and fiscal policy in stabilising the price level. It questions the view that price level stabilisation should be the sole responsibility of central banks. It argues that there is a case for national governments also being responsible...

Das Europäische Währungssystem und die geldpolitische Koordination in Europa Die Studie untersucht den Prozeß der monetären Koordination in Europa bei unterschiedlichen institutionellen Rahmenbedingungen – dem EWS mit den derzeitigen Regeln – einem modifizierten EWS mit einer...

Die vorliegende Arbeit versucht, anhand eines ricardianischen Modells eine theoretische Fundierung des Konzepts der gesamtwirtschaftlichen Wettbewerbsfähigkeit zu leisten. Im Rahmen dieses Theorieansatzes lassen sich wechselkursbedingte Störungen der internationalen Arbeitsteilung...

It is often said that after the crisis economic textbooks have to be rewritten. However, as surveys show, almost all professors continue using the standard IS-LM/AS-AD model as the workhorse for undergraduate training. This paper shows that the IS-LM/AS-AD model is not only full of obvious...