The coronavirus crisis has caused new distress in the European Economic and Monetary Union (EMU), as the southern part of the EMU has been hit stronger than the northern part. The common currency prevents nominal exchange rate adjustment in response to the asymmetric shock. Policymakers have...

Markus Demary, Institut der deutschen Wirtschaft, Köln, geht davon aus, dass die höheren Inflationsraten auf vorübergehende Effekte zurückzuführen sind. Auch die Konjunkturprogramme hätten bisher nicht inflationär gewirkt. Zudem könnte nach vielen Jahren niedriger Inflation ein Anstieg...

Rising public debt everywhere has raised the question of how to reduce debt again in the future. High public debt also seems to be an impediment for the exit of central banks from ultra-low interest rates and quantitative easing. Historical precedents and proposals have included austerity,...

D. N. McCloskey and Stephen Ziliak have criticized economists and others for confounding statistical and substantive significance, and for committing the logical error of the transposed conditional. In doing so they sometimes misinterpret the function of significance tests. Nonetheless,...

The sharp widening of yield spreads among EMU sovereign bonds in the course of the economic crisis and concerns that some EMU member countries would encounter difficulties in rolling their existing debt and funding new budget deficits have revived proposals for a common bond issuance by EMU...

The cost of the financial crisis to the real economy has so far remained underexamined,probably because of the difficulty in making such an assessment. The crisis was precipitatedby an unsustainable bubble that artificially inflated economic fi ures, so what should be used as a benchmark for...

While past discussions on EMU tended to emphasise its role in limiting the impact of the global financial crisis on the euro area countries, the focus has now shifted to the destabilising effects threatening the entire euro zone as a consequence of the dire fiscal situation in some weaker member...

Die Notenbanken haben weltweit mit einer Ausweitung ihrer Bilanzen auf das Scheitern der Kreditwirtschaft in der Finanz- und Schuldenkrise reagiert. Allerdings bleibt offen, wie sie in ein tragbares Regime der traditionellen Geld- und Kreditabsicherungsbeziehungen zurückgelangen können. Das...