This paper analyses the international transmission of monetary shocks with a special focus on the effects of foreign money ("global liquidity") on the euro area. We estimate structural VAR models for the euro area and the global economy including a global liquidity aggregate. The impulse...

This paper develops a framework for assessing systemic risks and for predicting (out-of-sample) systemic events, i.e. periods of extreme financial instability with potential real costs. We test the ability of a wide range of “stand alone” and composite indicators in predicting systemic...

Unlike the Vinerian perspective [named after Jacob Viner], which is generally critical of bilateral trade agreements and provides only a limited justification for them, the Subsidiarity perspective sees them in a more positive light, providing several explanations and justifications for their...

This study analyzes international monetary policy cooperation in a twocountry dynamic general equilibrium model with nominal rigidities, monopolistic competition and producer currency pricing. A quadratic approximation to the utility of the consumers is derived and assumed as the policy...

Dieser Text bietet einen historischen und gegenwärtigen Überblick über die EU-Erweiterung.