This paper provides a complete analytical characterization of the positive and normative effects of alternative exchange rate regimes in a simple two-country sticky-price dynamic general equilibrium model with money, technology, and government spending shocks. A central question addressed is whether fixing the exchange rate prevents macroeconomic adjustment in relative prices from occurring, in...

How can current measures, strategies and framework conditions be modified in order to enable a higher quality of life, despite weak Which instruments and strategies are necessary in order to maintain or increase the provision of ecosystem services in times of weak growth? ..