Monetary policies of the ECB and US Fed can be characterised by “Taylor rules”, that is bothcentral banks seem to be setting rates by taking into account the “output gap” and inflation.We also set up and tested Taylor rules which incorporate money growth and the euro-dollarexchange rate,...

The aim of this note is to provide an overview of various measures of “excess liquidity”,which can be defined as the deviation of the actual stock of money from an estimated equilibriumlevel. Given their dynamic nature, the excess liquidity measures under review are - in thelight of long and...

One major outcome of the review of the ECB’s “two pillar monetary policy strategy”, whichwas published on 8 May 2003, has been the de facto downgrading of the hitherto prominentrole assigned to the stock of money. According to the authors’ judgement, however, there is astrong theoretical...

Thorsten Polleit ist ein renommierter Finanzexperte, der seit den 1990er Jahren in Zeitschriftenbeiträgen und auf Konferenzen präsent ist und für freie Marktwirtschaft ohne staatliche Interventionen plädiert. In diesem Werk beschäftigt er sich eingehend mit dem "Value Investing". Dabei rät...