Monetary policy

Will Europe pay for Japan?

As the Bank of Japan is rolling out its new programme of quantitative easing, a significant debate about the impact on Europe is emerging. Is Japan en

Real exchange rate adjustments around the globe

Real effective exchange rate adjustment trends in the aftermath of the global financial and economic crisis were generally not out of line with histor

A budget for Europe's monetary union

In a monetary union, national fiscal deficits are of limited help to counteract deep recessions; union-wide support is needed. A common euro-area budg

The G-20 and the currency war

Real Convergence, Price Level Convergence and Inflation in Europe