Matthias Brückner

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We study adaptive learning in a monetary overlapping generations model with sticky prices and monopolistic competition for the case where learning agents observe current endogenous variables. Observability of current variables is essential for informational consistency of the learning setup with the model set up but generates multiple temporary equilibria(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)
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)
We consider estimation of treatment effects in two-stage adaptive multi-arm trials with a common control. The best treatment is selected at interim, and the primary endpoint is modeled via a Cox proportional hazards model. The maximum partial-likelihood estimator of the log hazard ratio of the selected treatment will overestimate the true treatment effect(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)
This paper reexamines the role of open market operations for short-run effects of monetary policy. Money demand is induced by a cash constraint, while the central bank supplies money exclusively in exchange for securities, discounted with a short-run nominal interest rate. We consider a legal restriction for open market operations by which only government(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)
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