Heinz Herrmann – författare

This book is based on a conference celebrating the 50th anniversary of the Deutsche Bundesbank. Since the 1950s, there have been fundamental changes in the monetary order and financial systems, in our understanding of the effects of monetary policy, the best goals for central banks and the appropriate institutional setting of central banks. Prominent monetary economists and central bankers give their views on the most significant developments during this period and the lessons we should draw from them.

The book contains four sections on central issues. The first part discusses the main successes and failures of monetary policy since the 1950s. The second part asks what economists have learned about monetary policy over the past 50 years. It gives an overview on experiences with various monetary strategies, focusing in particular on monetary targeting and its problems, on inflation targeting and why it was successful and the institutional framework for monetary policy. The next section outlines the progress that monetary economists have made since the Bundesbank was founded and discusses the extent to which central banks can rely on "scientific" principles. The final part describes the interaction between monetary policy, fiscal policy and labour markets.

The book provides a comprehensive overview of the main challenges faced by central bankers in the past and how and to what extent monetary economics have been helpful in tackling them. It outlines our current knowledge about the effects of monetary policy and the appropriate institutional framework for central banks and raises some open questions for the future. It will be of great interest to monetary economists, central bankers and economic historians.

This book is based on a conference celebrating the 50th anniversary of the Deutsche Bundesbank. Since the 1950s, there have been fundamental changes in the monetary order and financial systems, in our understanding of the effects of monetary policy, the best goals for central banks and the appropriate institutional setting of central banks. Prominent monetary economists and central bankers give their views on the most significant developments during this period and the lessons we should draw from them.

The book contains four sections on central issues. The first part discusses the main successes and failures of monetary policy since the 1950s. The second part asks what economists have learned about monetary policy over the past 50 years. It gives an overview on experiences with various monetary strategies, focusing in particular on monetary targeting and its problems, on inflation targeting and why it was successful and the institutional framework for monetary policy. The next section outlines the progress that monetary economists have made since the Bundesbank was founded and discusses the extent to which central banks can rely on "scientific" principles. The final part describes the interaction between monetary policy, fiscal policy and labour markets.

The book provides a comprehensive overview of the main challenges faced by central bankers in the past and how and to what extent monetary economics have been helpful in tackling them. It outlines our current knowledge about the effects of monetary policy and the appropriate institutional framework for central banks and raises some open questions for the future. It will be of great interest to monetary economists, central bankers and economic historians.

The international integration of national economies is a dominant feature of the present time. This book brings together papers on the determinants and consequences of foreign direct investment (FDI) in the real and financial sectors of industrial countries. It sheds new light on the determinants of FDI, in particular the role of governmental incentives. Another main topic of this volume is the role of FDI in the east European accession countries. It provides insights into the question of whether EU enlargement will have consequences for capital flows into those countries. Since the start of European monetary union the discussion on cross-border mergers in the European banking industry has intensified. The final part of the book contains contributions to this debate. 

Against the background of the introduction of the euro in 1999, France, Germany and Italy have recently experienced higher divergence in terms of GDP growth. Indeed, there is no consensus among economists regarding the effects of monetary union, which can lead either to more specialisation as in the United States, or to increasing intra-industry trade, hence higher co-movements. Based on a set of original papers produced by a team of economists from the three main National Central Banks of the euro area, presented to an International Conference held in Paris as well as the contributions of panel of leading economists, the book analyses the latest developments in three largest European economies in a broad perspective, using modern econometric techniques. One of the conclusions is that, while business cycles are more strongly correlated across the three countries, as evidenced by the common reaction to the 2001 slowdown, the three countries still exhibit differences in terms of long term growth.