type="main" xml:id="twec12127-abs-0001" <title type="main">Abstract</title> <p>This paper analyses the importance of global shocks for the global economic developments and national policymakers from a novel perspective. On the one hand, we examine whether global factors convey additional information about monetary conditions...</p>

In den letzten Monaten stand das deutsche »Exportmodell« in der Kritik. Die deutschen Überschüsse seien mitverantwortlich für die Defizite der Nachbarländer und schaden den Handelspartnern, lautet der Vorwurf. Ist diese Einschätzung gerechtfertigt? Für Gabriel Felbermayr, Universität...

The author delivers details on whether and how the effectiveness of the ECB’s policies can be improved through more transparency and “forward guidance”. Is publishing the minutes of Council meetings really a good idea? How should we assess the publication of the details of who has voted...

Given the shortcomings of the current responses to the sovereign debt crisis in the eurozone, the author proposes utilising national gold reserves as collateral for government debt. Gold backing would be quite attractive to bond investors and would significantly ease the burden of high sovereign...

In response to the fi nancial crisis, the ECB has had to adopt new instruments to support the euro area economy and preserve the integrity of the single currency. This has challenged the current framework of the Monetary Dialogue exercise. This paper briefl y assesses the implications of...