Founded by the late Karl Brunner in 1970, the Konstanz Seminar celebrated its thirtieth anniversary in 1999. Brunner started the Seminar with two objectives, to close the gap in the quality of research and teaching of economics between the United States and Europe, Germany and Switzerland in...

The countries of Central and Eastern Europe went from being largely closed to being largely open to international capital flows. This paper discusses their experience with capital account liberalization and coping with large capital inflows. We start with a discussion of basic economic...

The countries of Central and Eastern Europe went from being largely closed to being largely open to international capital flows. This paper discusses their experience with capital account liberalization and coping with large capital inflows. We start with a discussion of basic economic...

The use of futures instead of forwards exchange contracts completes the ma-turity spectrum of the correlation between spot yields and the premium. Wefind that the forward premium puzzle appears to be a precrisis phenomenonand is only observed for maturities longer than about 1 month....

We use futures instead of forward rates to study the complete maturity spectrum of the forward premium puzzle from two days to six months. At short maturities the slope coeffcient is positive, but these turn negative as the maturity increases to the monthly level. Futures data allow us to...

The large and growing US current account deficit has its counterpart in the large and growing current account surpluses in Asia and in the major oil-exporting countries. Although Europe is not part of the problem of global imbalances, Europeans are concerned that a disproportionately large...

Geldmengensteuerung mit stochastischem Geldmengenziel Die amerikanische Geldpolitik der letzten zehn Jahre ist durch zwei herausragende Ereignisse geprägt. Nach einigen Jahren des Versuchs der Geldmengensteuerung über kurzfristige Zinsziele ging das Federal Reserve Board im Oktober 1979 zu...