This paper evaluates whether the 2011 national stability programs (SPs) of the euro area countries are instrumental in achieving economic stability in the European Monetary Union (EMU). In particular, we analyze how the SPs address the double challenge of public deficits and external imbalances....

This paper evaluates whether the 2011 national stability programs (SPs) of the euro area countries are instrumental in achieving economic stability in the European Monetary Union (EMU). In particular, we analyze how the SPs address the double challenge of public deficits and external imbalances....

We apply the asymmetric ARDL model advanced by Shin, Yu and Greenwood-Nimmo (2009) to the analysis of the patterns of pass-through from policy-controlled interest rates to a variety of longer-term rates in the U.S. and Germany. Our results reveal three main phenomena. Firstly, while the effect...

Drei relevante Fragen stehen im Mittelpunkt der wirtschaftspolitischen Debatten für das Jahr 2010. Wie kann die Krise endgültig überwunden werden? Wann und wie soll der Expansionskurs der Fiskal- und Geldpolitik beendet werden? Wie bekommt man danach die hohe Staatsverschuldung in den Griff?...