Matthias Brückner

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Honkapohja for helpful comments. Three anonymous referees and the editor of this journal have greatly helped me to improve the paper. The paper draws on chapter 3 of my Ph.D. thesis at the European University Institute in Florence, Italy. Errors are mine. Abstract: We study adaptive learning in a monetary overlapping generations model with sticky prices and(More)
The creation of a monetary union in Europe on 1 January 1999 is undoubtedly one of the largest macro and politico-economic experiments in modern history. It was the cap stone of the so-called 'Maastricht Process' designed to achieve macro economic convergence, which had shaped monetary and fiscal policies in the countries striving for membership in European(More)
ASYMMETRICMONETARY POLICYEFFECTSINEMU VolkerClausenandBerndHayo Thanks to Mat Canzoneri, Jürgen von Hagen, Matthias Brückner and participants of a research seminar at the University of Bonn for helpful comments. Obviously, we are responsible for all remaining shortcomings. Abstract This paper uses a semi-structural dynamic modelling approach to investigate(More)
The introductory phase of the European Monetary Union ended with the emission of euro currency in 2002. We present a review of the experiences with the new monetary union. Using a Taylor-rule, we analyze the ECB's conduct of monetary policy. The empirical results suggests that the ECB applies similar weights to inflation and the output gap as the Bundesbank(More)
This paper reexamines the role of open market operations for short-run e¤ects of monetary policy in a New Keynesian framework. The central bank supplies money in exchange for securities that are discounted with the short-run nominal interest rate, while money demand is induced by a liquidity constraint. We allow for a legal restriction by which only(More)
The HWWA is a member of: • Wissenschaftsgemeinschaft Gottfried Wilhelm Leibniz (WGL) • • • • Arbeitsgemeinschaft deutscher wirtschaftswissenschaftlicher Forschungsinstitute (ARGE) • • • • Association d'Instituts Européens de Conjoncture Economique (AIECE) and Wuerzburg for helpful comments and suggestions. ABSTRACT This paper reexamines the role of open(More)
This paper considers committees of n players that vote by (weighted) majority on policies that are binding for all members. The voting mechanism is implemented before the players learn their preferred policies. I derive a formula that measures ex-ante welfare and utility of such a committee as a function of the vote allocation. It will be shown that the(More)
In his book The Cash Nexus, historian Niall Ferguson felt it necessary to argue against the view that it is entirely economic forces that have shaped the history and current state of societies around the world. While we would not take the extreme view that only economic factors are important in understanding history, it is certainly true that economic(More)