We test for state-dependent bias in the European Central Bank's inflation projections. We show that the ECB tends to underpredict when the observed inflation rate at the time of forecasting is higher than an estimated threshold of 1.8%. The bias is most pronounced at intermediate forecasting...

Der deutsche Wirtschaftswissenschaftler (Jahrgang 1948) macht Vorschläge, wie dieser beispiellose ökonomische Crash überwunden und dazu genutzt werden kann, längst fällige Strukturprobleme der europäischen Wirtschaft und des Geldwesens anzupacken

When capital in the banking system becomes depleted, the degree to which financial intermediation and the macroeconomy are adversely affected is likely to depend on the financial and macroeconomic environment. However, existing studies either assume that the effects of bank capital shocks are...

The euro was launched, on 1 January 1999, as a common currency for members of the European Union that complied with the Maastricht Treaty. The Maastricht Treaty calls for the coordination of major macroeconomic policies, such as inflation, budget balance, public debt, and long-term interest...