Lukas Menkhoff Books

Focusing on monetary policy instruments for the European Monetary Union (EMU), this revised English edition expands on the original German publication by incorporating new analyses and addressing changing institutional contexts. It emphasizes the efficiency of various policy tools while highlighting the necessity for harmonization to ensure fair competition among nations. Additionally, it explores the implications of linking EMU to the principle of subsidiarity, offering a comprehensive German perspective on future strategies for the European Central Bank.

The book explores the growing prominence of international financial markets and their potential separation from the real economy. It documents the debate surrounding this decoupling, examining whether it's a positive development or a source of risk. By structuring diverse arguments around a decoupling hypothesis, it presents various models and identifies key stylized facts. The work aims to contextualize these issues within established scientific research, offering a comprehensive analysis of the implications for both the financial sector and broader economic dynamics.

Die Analyse beleuchtet die ökonomischen Aspekte der Inflation, insbesondere deren Ursachen und Auswirkungen auf das Preisniveau einer Volkswirtschaft. Angesichts der jüngsten Entwicklungen nach einer langen Phase stabiler Preise wird die Gefahr einer anhaltenden Inflation wieder relevant. Zudem werden die verschiedenen Messkonzepte der Inflation sowie die Möglichkeiten und Herausforderungen, die eine Zentralbank bei der Wiederherstellung der Geldwertstabilität hat, eingehend behandelt.