Seminar für Makroökonomie




Monetary Policy, Financial Crises, and the Macroeconomy

Festschrift for Gerhard Illing


Die Festschrift Monetary Policy, Financial Crises, and the Macroeconomy, herausgegeben von Frank Heinemann, Ulrich Klüh, und Sebastian Watzka mit den Konferenzbeiträgen zur Konferenz anlässlich des 60. Geburtstags von Prof. Gerhard Illing ist beim Springer Verlag erschienen:

Die Festschrift “ investigates different aspects of monetary policy and prevention of financial crises. It discusses some recently suggested measures for central banks' responses to liquidity shortages and to the liquidity trap, methods for assessing the potential of crisis contagion via the interbank network, and the interaction between micro- and macro-prudential regulation. It compares different approaches for solving the Eurozone sovereign-debt problem and provides a new and intriguing explanation for rising income inequality. The authors are experts on monetary policy, financial crises, and contract theory from different European universities and central banks.”

Frank Heinemann, Ulrich Klüh, and Sebastian Watzka

Part I Liquidity From a Macroeconomic Perspective

Balancing Lender of Last Resort Assistance with Avoidance of Moral Hazard
Charles Goodhart

Network Effects and Systemic Risk in the Banking Sector
Thomas Lux

Optimal Central Bank Policy in Different Financial Systems
Falko Fecht and Marcel Tyrell

Contagion Risk during the Euro Area Sovereign Debt Crisis:
Greece, Convertibility Risk, and the ECB as Lender of Last Resort
Sebastian Watzka

The Case for the Separation of Money and Credit
Romain Baeriswyl

Part II Putting Theory to Work: Macro-Financial Economics from a Policy Perspective

(Monetary) Policy Options for the Euro Area:
A Compendium to the Crisis
Sascha Bützer

On Inflation Targeting and Foreign Exchange Interventions in a Dual Currency Economy
Ivana Rajković and Branko Urošević

Macroprudential Analysis and Policy - Interactions and Operationalization
Katri Mikkonen

Are Through-the-Cycle Credit Risk Models a Beneficial Macro-Prudential Policy Tool?
Manuel Mayer and Stephan Sauer

Assessing Recent House Price Developments in Germany – An Overview
Florian Kajuth

Part III Re-Conceptualizing Macroeconomics: An Interdisciplinary Perspective

German Unification: Macroeconomic Consequences for the Country
Axel Lindner

Approaches to Solving the Eurozone Sovereign Default Problem
Ray Rees

Appraising Sticky Prices, Sticky Information, and Limited Higher-Order Beliefs in Light of Experimental Data
Camille Cornand

Rising Income Inequality: An Incentive Contract Explanation
Dominique Demougin

No More Cakes and Ale:
Banks and Banking Regulation in the Post-Bretton-Woods Macro-Regime
Moritz Hütten and Ulrich Klüh

Letter to Gerhard Illing
Robert Solow