This article reviews several hypotheses that aim at explaining the development of German merchandise exports. Based on cointegration estimation techniques, we examine different determinants for their ability to explain German exports during the period 1992-2016. The estimation results indicate...

In diesem Beitrag wird ein Währungskrisenmodell der zweiten Generation vorgestellt. Ein wesentliches Charakteristikum besteht darin, dass multiple Gleichgewichte auftreten können. Verändern sich die Erwartungen der rationalen Agenten, können plötzliche und starke Wechselkurssprünge...

This paper investigates the financial market effects of the ECB's communication on the Pandemic Emergency Purchase Programme (PEPP). Using data for 10 euro area countries, we first analyse the impact of different communication channels such as press releases, ECB blog contributions, speeches and...

The Swiss National Bank (SNB) announced to refrain from profit distribution in 2022 owing to the accumulation of a huge financial loss. In this note we examine the key determinants of the SNB's loss and shed light on its implications to conduct monetary policy. In particular, we show that...