The sixteen essays in this book were written to celebrate the ninetieth birthday of Richard Musgrave and to commemorate the tenth anniversary of CES, the Center for Economic Studies at the University of Munich. Musgrave is considered to be a founding father or modern public economics. He belongs...

This paper reconsiders the determinants of the exchange rate by studying the historical episode after the fall of the Iron Curtain. Testing a modified portfolio balance model, we attribute the strength of the deutschmark in the early nineties and the puzzling decline of the euro during its...

Inhalt: 1. Regulatorische Gründe für die Krise 2. Refinanzierungskredite und Target-Salden 3. Staatspapierkäufe der EZB und offizielle Rettungsprogramme 4. Die Risiken und Kosten der EZB-Politik 5. Ökonomische Bewertung der EZB-Politik 6. Politikmaßnahmen gegen Zinsspreizungen 7....