Kryptowährungen — ein Problem für die Geldpolitik?

Cryptocurrencies such as Bitcoin may revolutionise the financial system by at least partially replacing intermediaries such as central banks and commercial banks. The blockchain technology enables users to perform financial transactions on a peer-to-peer basis. This imposes a serious threat on the financial intermediaries as well as on monetary policy authorities. In this paper, we examine how well cryptocurrencies fulfill the functions of a fiat money and discuss the comparative advantages of cryptocurrencies. We proceed by exploring the implications of digital currencies for the concept and conduct of monetary policy.     

Wirtschaftswissenschaften: zu wenig Pluralität der Methoden und Forschungsrichtungen?

The authors discuss the merits of including pluralist methods, theories and paradigms into the traditionally mainstream. They also evaluate the progress made by German faculties in this regard. The pluralism debate is in itself plural. There are numerous international and Germany specific dimensions and associated critiques of mainstream economics. Different approaches to economic policy must be organised in a manner which guarantees theoretical and paradigmatic pluralism — on which economic policy proposals ought to be based. Another view focuses on the educational effect and states that the mental frames of economics students are subject to manipulation; the foundation of their thinking is narrowed and recontextualised in an emotionally and politically highly charged semantic environment.     

Neue Geldpolitik der Europäischen Zentralbank?

Im Zuge der Griechenlandkrise hat die EZB zu unkonventionellen Ma?nahmen gegriffen: Sie akzeptiert Wertpapiere mit geringem Qualit?tsniveau als Sicherheiten und kauft Staatsanleihen. Dies l?sst befürchten, dass die EZB Reputation verliert und Moral-Hazard-Probleme entstehen. Die Liquidit?tssteuerung w?hrend der Krise war eine gro?e Herausforderung für die Zentralbanken, die m?glicherweise die Bedeutung der externen Kommunikation untersch?tzen. Der liberalisierte Ordnungsrahmen für die Finanzm?rkte hat es ihnen allerdings schwerer gemacht hat, eine wirksame Geldpolitik zu betreiben.     

Palliative Care: Wie messbar ist die Qualität?

Pflegestandards versus individuelle Pflege — In der Palliativpflege genügen die herk?mmlichen Qualit?tsma?st?be nicht. Denn hier geht es um Beziehungen, Trauer, Liebe, Leben, existentielle Fragen und Krisen. Das kann mit Uhren, Ma?b?ndern, Waagen, Skalen und Tabellen nicht erfasst werden. Ein Zwischenruf von Susanne Kr?nzle.     

Wie soll die EZB aus ihrer unkonventionellen Geldpolitik aussteigen?

As economic conditions improve in the euro area, the European Central Bank (ECB) has to decide how to sequence the normalisation of monetary policy. Phasing out asset purchases first would mainly increase long-term rates and help to mitigate some of the most negative side effects of the extremely expansionary monetary policy, such as misallocations in asset markets. In contrast, starting with an increase of the rate on the deposit facility would reduce the implicit tax on banks’ liquidity holdings at the ECB, which could improve financial stability. Forward guidance and clear communication from the ECB are crucial to safeguarding a smooth transition back to a more conventional monetary policy.     

Geldpolitik im heterogenen Währungsraum und die offene Frage der Konvergenz

From the beginning of EMU, it has been obvious that the currency area does not constitute an optimum currency area. Instead, hope was put on further convergence after its start. Yet, thus far there is no sign of area -wide convergence. In light of the continuing crisis, which is above all a crisis of missing competitiveness, the claim for convergence is also obsolete, because the divergent development of earlier years must first be equalised via divergent development in the opposite direction..     

Vor der Europawahl: Wie lässt sich die demokratische Legitimität verbessern?

The EU suffers from a democratic deficit that arises not first and foremost from a lack of institutional competencies, but rather from the double weakness of politics vis-à-vis economics and law at the European level. This “functional democratic deficit” renders the existing mechanisms of democratic control increasingly ineffective. Especially for its citizens, a politically integrated Europen Union might be difficult to grasp, and it may only be reached gradually through a continuous process of dynamic development; however, “United in Diversity” seems to be the better alternative, and not only for historical reasons. The direct elections for the European Parliament, although not denying deficits of democratic legitimacy and participation at the Union level, should not be underestimated in their legitimising influence for the Union as an associated structure of members without obvious hierarchies.     

Souveränität und Verantwortung im Mehrebenensystem: Subsidiarität als Leitmotiv?

Wirtschaftsdienst - Der Subsidiaritätsgedanke sollte von den politischen Entscheidungstragenden sowie von im europäischen Mehrebenensystem mitwirkenden Akteur:innen beachtet werden. Dazu...     

Erratum zu: Die NAFTA-Verhandlungen — Wohin steuert die US-Handelspolitik?

Wirtschaftsdienst - In Heft 2/2018 muss in dem Aufsatz von Berend Diekmann, Katrin van Dyken „Die NAFTA-Verhandlungen — Wohin steuert die USHandelspolitik?“, S. 100-107, DOI:...     

Tarifeinheit versus Tarifpluralität: Konfliktintensität von Verhandlungen

In some industries, wage negotiations are conducted not only by labour unions covering the whole sector but also by craft unions representing single occupations. A comprehensive evaluation of wage disputes in Germany shows that craft unions are especially confrontational. Particular problems arise if several conflict-prone unions representing employees of the same company enter into competition with each other. The cumulative effects of such a situation can undermine the legal ban on industrial action while a collective wage agreement is in force. This damage could be limited by legislation regulating competition among trade unions and restoring exclusivity for wage agreements at the plant level (one company = one agreement).