Suchergebnisse

The integration of market economies is one of the most remarkable features of international economics, which has important implications for macroeconomic performance in open economies. Equally important is the declining relevance of the real versus the monetary theory dichotomy. These papers focus on those aspects of monetary policy which relate to credibility and non-neutrality; the domestic adjustment to foreign shocks; the interdependence of open economies and their strategic interactions. An important section is also devoted to the innovative modelling of exchange rate dynamics.

What Should We Have Done? -- Towards an Evaluation of the Costs and Benefits of a (Dis-)Inflationary Policy in the Federal Republic of Germany -- Price and Quantity Variability under Stagflation -- The Contributions of Business Cycle Theories to the Explanation of the Actual Economic Slowdown -- International Portfolio-Shifts and the Choice of a Monetary Rule -- Long Waves in Relative Prices: An Interpretation -- Real Wages, Business Cycles and Unemployment -- Stagflation and the Recent Revival of Schumpeterian Entrepreneurship -- The Influence of Wage Rate Variations on the Level of Employment with and without an Exogenous Interest Rate -- Asymmetric Adjustment Costs and Price Stickiness.