We study a sovereign debt crisis in a small member state of a currency union. If the country exits the currency union, it may redenominate its liabilities and reduce the real value of debt through depreciation and inflation. We analyze formally how .
Macroprudential policies for financial institutions have received increasing prominence since the global financial crisis. These policies are often aimed at the commercial banking sector, while a host of other non-bank financial institutions, or ...
Noticing the adoption of unconventional measures of monetary policy in major currency areas on the one hand and continuing globalisation and integration of international financial markets on the other hand, we analyse the linkages between monetary ...
The objective of the project is to analyze the effects of long enduring low interest rates on household investment behavior, setting a special focus on the stock market participation of German and US households. In particular, we address four ...
We analyse the first twenty years of the euro both from an economic and an institutional perspective. We find that in particular during the period since the financial crisis, convergence as measured by a variety of indicators has not improved. Design
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