Diese Dissertation besteht aus drei empirischen Analysen im Bereich der monetären Ökonomie. Jedes Kapitel liefert einen Beitrag zur Untersuchung, wie sich eine Veränderung der Liquidität auf die Wirtschaft auswirkt. Der erste Aufsatz untersucht die Korrelation zwischen Geld und Inflation....

In general equilibrium models, optimal cyclical monetary policy is usually derived around an optimal steady-state inflation level, which in most cases is zero or equal to the negative of the real interest rate. This paper examines whether and how different steady-state inflation levels and other...

We develop a macroeconomic framework where money issupplied against only few eligible securities in open marketoperations. The relationship between the policy rate,expected inflation and consumption growth is affected bymoney market conditions, i.e. the varying liquidity value ofeligible assets...

This paper presents a systematic empirical relationship between money and subsequent prices and output, using US, euro area and Swiss data since the 1960-70s. Monetary developments, unlike interest rate stance measures, are shown to provide qualitative and quantitative information on subsequent...