Monetary Theory

This section was created as a follow-up to the controversial debate with Martin Hellwig. In his Handelsblatt article Hellwig explained why, in his view, the ECB is not postponing Greece’s insolvency by granting it Emergency Liquidity Assistance (ELA). Hellwig cited an article by Hans-Werner Sinn published in the Süddeutsche Zeitung, warning that ELA was facilitating capital flight. An article published by the Handelsblatt features a response to Hellwig from Clemens Fuest and Hans-Werner Sinn, who refute Hellwig‘s statement that the Community of States has nothing to lose from ELA because any income earned belonged to the Greek Central Bank anyway.

Casino Capitalism. How the Financial Crisis Came about and What Needs to Be Done Now, Oxford University Press: Oxford 2010, 400 p. (grundlegend überarbeitete Übersetzung von Kasino-Kapitalismus), zweite Auflage (Taschenbuch) 2012. Koreanische Auflage 2010. To Amazon.

Kasino-Kapitalismus. Wie es zur Finanzkrise kam, und was jetzt zu tun ist, Econ Verlag: Berlin 2009, 352 p., bislang drei Auflagen. To Amazon.

Gefangen im Euro, Redline: München 2014, 224 p. To Amazon.

Die Target-Falle – Gefahren für unser Geld und unsere Kinder, Hanser: München Oktober 2012, 418 p. To Amazon.

The German State Banks. Global Players in the International Financial Markets, (Übersetzung von Der Staat im Bankwesen...), Edward Elgar: Aldershot 1999, 140 S. To Amazon.

Der Staat im Bankwesen. Zur Rolle der Landesbanken in Deutschland, Beck Verlag: München 1997, 156 p. To Amazon.

Risk Taking, Limited Liability, and the Banking Crisis, Selected Reprints, ifo Institut: München 2009, 200 p., mit einem Vorwort von Martin Hellwig.

Verantwortung der Staaten und Notenbanken in der Eurokrise (The Responsibility of States and Central Banks in the Euro Crisis), ifo Schnelldienst 66, Special Issue June, 2013, 33 pages (Download, 450 KB); also published in: Wirtschaftsdienst, 93 (7), 2013, pp. 451-454 (Download, 136 KB).

Die Target-Kredite der Deutschen Bundesbank (German Bundesbank Target credit), ifo Schnelldienst 65, special issue March, 2012, 34 pages (Download, 2,8 MB).

"Target-Salden und die deutsche Kapitalbilanz im Zeichen der europäischen Zahlungsbilanzkrise" (Target Balances and the German Financial Account in Light of the European Balance-of-Payments Crisis) (together with Timo Wollmershäuser), Kredit und Kapital 45 (4), 2012, pp. 465-487; Ifo Working Paper No. 149, 2012.

"Target loans, current account balances and capital flows: the ECB’s rescue facility" (together with Timo Wollmershäuser), International Tax and Public Finance 19 (4), 2012, pp. 468-508 (Download, 2 MB); (updated version of CESifo Working Paper No. 3500, June 2011 and NBER Working Paper 17626, November 2011); (Download, 946 KB).

"Eurowinners and Eurolosers: The Distribution of Seignorage Wealth in EMU“ (together with H. Feist), European Journal of Political Economy 13, 1997, pp. 665- 689; (Download, 1.08 MB); CESifo Working Paper No. 134, 1997; NBER Working Paper No. 6072, May 1999.

"The Non-neutrality of Inflation for International Capital Movements“, European Economic Review 35, 1991, pp. 1-22; (Download, 1.4 MB); NBER Working Paper No. 3219, August 1991.

"International Capital Movements, Flexible Exchange Rates and the IS-LM Model. A Comparison Between the Portfolio-Balance and the Flow Hypotheses“, Weltwirtschaftliches Archiv 119, 1983, pp. 36-63; (Download, 2.5 MB).

"Die konjunkturellen Wirkungen der Schuldenstrukturpolitik“ (Debt Management and Aggregate Demand); together with H. H. Nachtkamp, Finanzarchiv 39, 1981, pp. 279-305; (Download, 3.1 MB).

"The Euro, Eastern Europe, and Black Markets: The Currency Hypothesis” (together with F. Westermann), in: P. de Grauwe, ed., Exchange Rate Economics: Where Do We Stand?, MIT Press: Cambridge, Mass. 2005, pp. 207-238 (Download, 6.1 MB); NBER Working Paper No. 8352, 2001; CESifo Working Paper No. 493, 2001.

"Seignorage Wealth in the Eurosystem: Eurowinners and Eurolosers Revisited” (together with H. Feist), in: M. Köthenbürger, H.-W. Sinn und M. Widgren, eds., European Monetary Integration, MIT Press: Cambridge, Mass. 2004, pp. 121-136 (Download, 3 MB); CESifo Working Paper No. 353, November 2000.

"Inflation, Scheingewinnbesteuerung und Kapitalallokation“ (The Allocation of Capital in the Presence of Inflation and Taxation: The Role of Historical Cost Accounting), in: D. Schneider, ed., Kapitalmarkt und Finanzierung (papers & proceedings of German Economic Association), Duncker & Humblot: Berlin 1987, pp. 187-210 (Download, 1.6 MB).

"Die Inflationsgewinne des Staates“ (The Sources of Government Revenue from Inflation), in: E. Wille, ed., Beiträge zur gesamtwirtschaftlichen Allokation. Allokationsprobleme im intermediären Bereich zwischen öffentlichem und privatem Wirtschaftssektor, Lang: Frankfurt and Bern 1983, pp. 111-166 (Download, 1.5 MB).

"Editor’s Comments", in: H.-W. Sinn, ed., The European Balance of Payments Crisis, CESifo Forum 13, Special Issue January, 2012, pp. 104–105 (Download, 368 KB).

"Discussion of the paper “Monetary Policy, Labour Markets and Fiscal Policy” by Olivier Blanchard“", in: The Deutsche Bundesbank, ed., Monetary Policy Over Fifty Years – Experiences and lessons, Routledge: Oxon and New York, 2009, pp. 142-148 (Download, 1.2 MB).

"Reply to the Comment: “Currency in Circulation, The Cash Changeover and the Euro-Dollar Exchange Rate” by Franz Seitz and Ulrich Bindseil", ifo Studien 48, 2002, pp. 341-345.

"Inflation and Welfare, Comment on Robert Lucas“, A. Leijonhufvud, ed., Papers of the IEA Conference Monetary Theory as a Basis for Monetary Policy, Palgrave: New York, 2001, pp. 132-142 (Download, 786 KB); CESifo Working Paper No. 179, 1999; NBER Working Paper No. 6979, February 1999.