The Brexit as a Forerunner: Monetary Policy, Economic Order and Divergence Forces in the European Union. CESifo Working Paper 6938 (2018). Forthcoming in Economists’ Voice 16, 1 (2019).Together with Sebastian Müller.
Soziale Marktwirtschaft damals und heute. Zeitschrift für Wirtschaftspolitik 68 (2019), xx, xx-xx.
Lessons from 1948 German Currency and Economic Reform for European Monetary Policy. Forthcoming in Cato Journal 39, 3.
China’s Overinvestment and International Trade Conflict. China & World Economy 27 (2019), 4, 37-62.
Monetary Policy, Income Inequality and Political Instability. Together with Pablo Duarte. The World Economy 42, (2018), 2, 614-634.
Fiscal Divergence and Current Account Imbalances in Europe. Economists’ Voice 15, 1 (2018).
The European Monetary Union on a Bumpy Road – Challenges and Solutions for an Uncertain Future. Economists’ Voice 15, 1 (2018), 1-3. Together with Ansgar Belke.
Die EU-Insolvenzrichtlinie zu vorinsolvenzlichen Verfahren aus ordnungspolitischer Perspektive. NZI Neue Zeitschrift für Insolvenz- und Sanierungsrecht 23 (2018), 913-960. Together with Klaus Siemon.
Europäische Geldpolitik, Zombifizierung und Wachstum in Europa. Wirtschaftspolitische Blätter 18 (2018), 463-478. Together with David Herok.
Warum der frühe Ausstieg aus der finanziellen Repression lohnt. Wirtschaftsdienst 98 (2018), 7, 498-503. Together with Andreas Hoffmann.
Exit Strategies from Monetary Expansion and Financial Repression. Cato Journal 38, 2 (2018), 447-466.
Beyond Balassa and Samuelson: Real Convergence, Capital Flows, and Competitiveness in Greece. Together with Ansgar Belke and Ulrich Haskamp. Empirica 44 (2018), 2, 409-424.
Net Foreign Asset Positions and Appreciations Expectations on the Japanese Yen and the Swiss Franc. International Economics and Economic Policy 15 (2018), 2, 261-280. Together with Sophia Latsos.
Regional Heterogeneity and the Rise of Public Debt in Japan in the Post-Bubble Crisis: Lessons for the EMU. International Economics and Economic Policy 15 (2018), 2, 405-428. Together with Raphael Fischer.
Zur Zukunft der Europäischen Union aus ordnungspolitischer Perspektive. ORDO 68 (2017), 3-34. Together with Sebastian Müller.
Monetary Policy and Overinvestment in East Asia and Europe. Asia Europe Journal 15 (2017), 4, 445-462.
Zero Interest Rate Policy and Economic Order. Credit and Capital Markets 50 (2017), 2, 101-104.Together with Angar Belke.
Monetary Policy Crisis Management as a Threat to Economic Order.Together with Andreas Freytag. Credit and Capital Markets 50 (2017), 2, 151-169.
Exchange Rate Regime, Financial Market Bubbles and Long-term Growth in China: Lessons from Japan. China & World Economy 25 (2017), 1, 32-57.
Limits of Monetary Policy Autonomy and Exchange Rate Flexibility in East Asia. Applied Economics Quarterly 62 (2016), 3, 187-204. Together with Axel Löffler and Franziska Schobert.
(De)Stabilizing Exchange Rate Strategies in East Asian Monetary and Economic Integration. Singapore Economic Review 61 (2016), 2, 1-24. Together with Kristina Spantig.
Monetary Policy in Large Industrialized Countries, Emerging Market Credit Cycles, and Feedback Effects. Journal of Policy Modeling 38 (2016), 3, 1-19. Together with Andreas Hoffmann.
Geldpolitik, Arabellion und Flüchtlingskrise. Zeitschrift für Wirtschaftspolitik 65 (2016), 3, 299-320. Together with Michael von Prollius.
The Adverse Effects of Unconventional Monetary Policy. Cato Journal 36 (2016), 3, 449-484. Together with Andreas Hoffmann.
Das europäische Verfahren zur Vermeidung und Korrektur makroökonomischer Ungleichgewichte – Eine Forschungsagenda zu Reformansätzen. Wirtschaftsdienst 96 (2016), 8, 548-556. Together with Daniel Gros and Ansgar Belke.
Europa und Ostasien stehen vor großen Herausforderungen in der Weltwirtschaft. Integration 39, 3 (2016), 172-177. Together with Ansgar Belke.
Wege zu einer stabilitäts- und wachstumsorientierten Geldpolitik aus österreichischer Perspektive. Listforum für Wirtschafts- und Finanzpolitik 41 (2016), 2, 263-289.
Markt versus Staat in der Europäischen Union – Eine für Kredit- und Kapitalmarktmärkte relevante Debatte. Credit and Capital Markets 48 (2015), 3, 501-506. Together with Ansgar Belke.
Exchange Rate Challenges in Emerging Markets and Developing Countries. Review of Development Economics 19 (2015), 3, 449-454. Together with Ansgar Belke.
Macroeconomic Policy Making, Exchange Rate Adjustment and Current Accounts in Emerging Markets. Review of Development Economics 19 (2015), 3, 531-544. Together with Pablo Duarte.
Markt versus Staat in der Europäischen Union. Integration 38, 3 (2015), 256-260. Together with Ansgar Belke.
Die gefährliche Missachtung der Vermögenspreisinflation. Zur Wirkungslosigkeit von Inflationszielen als geldpolitische Regelmechanismen. Leviathan 43 (2015), 2, 246-269.
Monetary Policy and Structural Decline: Lessons from Japan for the European Crisis. Asian Economic Papers 14 (2015), 1, 124-150.
Japans Lehren für das Schweizer Wechselkursdilemma. Wirtschaftsdienst 95 (2015), 3, 192-199.
27. Leipziger Weltwirtschaftsseminar – Konvergenz versus Divergenz in der Europäischen Union in der Krise. Credit and Capital Markets 47 (2014), 2, 377-386. Together with Ansgar Belke.
Divergenzen und krisenbedingte Zentralisierung in der Europäischen Union. Integration 37, 3 (2014), 291-297. Together with Ansgar Belke.
China’s Exchange Rate and Financial Repression: The Conflicted Emergence of the Renminbi as an International Currency. China & World Economy 22, 3 (2014), 1-34. Together with Ronald McKinnon.
Negative Umverteilungseffekte und Reallohnrepression durch unkonventionelle Geldpolitik. Wirtschaftsdienst 94 (2014), 11, 792-797.
Real Convergence, Capital Flows, and Competitiveness in Central and Eastern Europe. Review of International Economics 21 (2013), 5, 886-900. Together with Ansgar Belke and Holger Zemanek.
National Monetary Policy, International Economic Instability and Feedback Effects – An Overinvestment View. Quarterly Journal of Austrian Economics 16 (2013), 2, 135-164. Together with Andreas Hoffmann.
Die japanischen Lehren für die europäische Krise. Zeitschrift für Wirtschaftspolitik 62 (2013), 1, 1-22.
Fiscal Divergence and TARGET2 Imbalances in the EMU. Intereconomics 48 (2013), 1, 51-58. Together with José Abad, Axel Löffler and Holger Zemanek.
Four Generations of Global Imbalances. Review of International Economics 21 (2013), 1, 1-5. Together with Ansgar Belke.
Short-Term and Long-Term Growth Effects of Exchange Rate Adjustment. Review of International Economics 21 (2013), 1, 137-150. Together with Evžen Kočenda and Mathilde Maurel.
Reverse Causality in Global and Intra-European Imbalances. Review of International Economics 20 (2012), 4, 674-690. Together with Stephan Freitag.
Keynesian and Austrian Perspectives on Crisis, Shock Adjustment, Exchange Rate Regime and (Long-Term) Growth. Open Economies Review 23 (2012), 5, 847-868. Together with Mathilde Maurel.
China and its Dollar Exchange Rate. A Worldwide Stabilizing Influence? The World Economy 35 (2012), 6, 667-693. Together with Ronald McKinnon.
Der Funktionswandel der globalen und europäischen Geldpolitik. Wirtschaftsdienst 92 (2012), 2, 89-91.
Motivations for Foreign Exchange Intervention in Developed and Underdeveloped Capital Markets. Empirical Evidence from Croatia and Japan. Applied Economics Quarterly 57 (2011), 1, 45-66.
Triebkräfte und Lösungsansätze globaler und europäischer Leistungsbilanzungleichgewichte. Wirtschaftspolitische Blätter 58 (2011), 3, 429-449.
Inter-Temporal Savings, Current Account Imbalances and Asymmetric Shocks in a Heterogeneous European Monetary Union. Intereconomics 46 (2011), 3, 153-160. Together with Holger Zemanek.
The Theory of Optimum Currency Areas and Growth in Emerging Markets. Applied Economics Letters 18 (2011), 6, 513-517. Together with Andreas Hoffmann.
Exchange Rate Regime and Wage Determination in Central and Eastern Europe. Journal of Policy Modeling 33 (2011), 3, 347-360. Together with Christina Ziegler.
A Vicious Cycle of Manias, Bursting Bubbles and Asymmetric Policy Responses – An Overinvestment View. The World Economy 34 (2011), 3, 382-403. Together with Andreas Hoffmann.
Strukturelle Verzerrungen im Währungskrieg. Wirtschaftsdienst 91 (2011), 2, 102-106.
Europäischer geldpolitischer Exit im Zeichen von QE2 und Staatsanleihekäufen der EZB. Quarterly Journal of Economic Research 79 (2010), 4, 147-161. Together with Ansgar Belke.
Current Account Balances and Structural Adjustment in the Euro Area. International Economics and Economic Policy 8 (2010), 83-127. Together with Ansgar Belke and Holger Zemanek.
Eurozone: Exit aus der Niedrigzinspolitik? Wirtschaftsdienst 90 (2010), 12, 780.
Policy Implications of Global Asymmetric Current Account Positions. Review of Economics 60 (2009), 2, 103-137. Together with Stephan Freitag.
Exchange Rate Volatility and Growth in Emerging Europe and East Asia. Open Economies Review 20 (2009), 4, 565-587.
Global Asymmetries in Monetary Policy Operations: Debtor Central Banks in the MENA Region. The Manchester School 77 (2009), Supplement, 85-107. Together with Franziska Schobert.
Japanese Foreign Exchange Intervention and the Yen/Dollar Exchange Rate: A Simultaneous Equations Approach Using Realized Volatility. Journal of International Financial Markets, Institutions, and Money 19 (2009), 490-505. Together with Eric Hillebrand and Yasemin Ulu.
The Case for Stabilizing China’s Exchange Rate: Setting the Stage for Fiscal Expansion. China & World Economy 17(2009), 1, 1-32. Together with Ronald McKinnon.
Asymmetrische Makropolitiken und eingetrübte Wachstumsperspektiven. Wirtschaftsdienst 89 (2009), 10, 660-664.
Der internationale Handel nach dem Platzen der Globalisierungsblase. Wirtschaftsdienst 89 (2009), 3, 151-157.
Geldpolitisches Kräftemessen. Wirtschaftsdienst 89 (2009), 8, 498-499.
A Structural Break in the Effects of Japanese Foreign Exchange Intervention on Yen/Dollar Exchange Rate Volatility. International Economics and Economic Policy 6 (2008), 5, 389-401. Together with Eric Hillebrand.
Monetary Policy, Vagabonding Liquidity and Bursting Bubbles in New and Emerging Markets – An Overinvestment View. The World Economy 31 (2008), 9, 1226-1252. Together with Andreas Hoffmann.
Exchange Rate Stability, Inflation and Growth in (South) Eastern and Central Europe. Review of Development Economics 12 (2008), 3, 530-549. Together with Paul De Grauwe.
A Role Model for China? Exchange Rate Flexibility and Monetary Policy Making in Japan. China Economic Review 19 (2008), 2, 183-196. Together with Christian Danne.
Exchange Rate Volatility and Growth in Small Open Economies at the EMU Periphery. Economic Systems 32 (2008), 1, 70-91.
Geldpolitik am Scheideweg. Wirtschaftsdienst 87 (2007), 9, 558-559.
Geldpolitik, vagabundierende Liquidität und platzende Blasen in neuen und Aufstrebenden Märkten. Wirtschaftsdienst 87 (2007), 4, 220-224. Together with Andreas Hoffmann
China’s Exchange Rate and International Adjustment in Wages, Prices, and Interest Rates: Japan Déjà Vu? CESifo Studies 52 (2006), 2, 276-303. Together with Ronald McKinnon.
Devaluing the Dollar: A Critical Analysis of William Cline’s Case for a New Plaza Agreement. Journal of Policy Modeling 28 (2006), 6, 683-694. Together with Ronald McKinnon.
The Russian Currency Basket: Recent Developments in Russia’s Exchange Rate Policies and the Role of the Euro. Intereconomics 41 (2006), 3, 135-141.
International Capital Markets and Exchange Rate Stabilization in the CIS. Journal of Comparative Economics 33 (2005), 3, 425-440.
Nominal versus Real Convergence with Respect to EMU Accession – EMU Entry Scenarios for the New Member States. Kyklos 58 (2005), 4, 481-499. Together with Paul De Grauwe.
Der Festkurs als merkantilistische Handelspolitik – Chinas Geld- und Währungspolitik im Umfeld globaler Ungleichgewichte. Wirtschaftspolitische Blätter 10 (2005), 1, 103-114.
EMU Entry Strategies for the New Member States. Intereconomics 39 (2004), 5, 241-246. Together with Paul De Grauwe.
The Return to Soft Dollar Pegging in East Asia? Mitigating Conflicted Virtue. International Finance 7 (2004), 2, 169-201. Together with Ronald McKinnon.
De jure versus de facto Exchange Rate Stabilization in Central and Eastern Europe. Aussenwirtschaft 59 (2004), 2, 171-190.
The East Asian Dollar Standard, Fear of Floating, and Original Sin. Review of Development Economics 8 (2004), 3, 331-360. Together with Ronald McKinnon.
Synchronized Business Cycles in East Asia and Fluctuations in the Yen/Dollar Exchange Rate. The World Economy 26 (2003), 8, 1067-1088. Together with Ronald McKinnon.
Purchasing Power Parity: Granger Causality Tests for the Yen-Dollar Exchange Rate. Japan and the World Economy 14 (2002), 4, 425-444. Together with Dirk Baur.
Weak Economy and Strong Currency – the Origins of the Strong Yen in the 1990s. Quarterly Journal of Economic Research 70 (2001), 489-503.
Purchasing Power Parity: Yen/Dollar Exchange Rate. The World Economy 24 (2001), 1, 31-50.
Japan und die Asienkrise – internationale Übertragungsmechanismen von Konjunkturbewegungen. Listforum für Wirtschafts- und Finanzpolitik 26 (2000), 1, 16-32.
The Japanese-American Trade Conflict. Intereconomics 33 (1998), 126-135. Together with Indira Gurbaxani.
Trade Balance and Government Intervention: Japan as a Role Model? Intereconomics 31 (1996), 189-196.