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The main subject of this dissertation is the analysis of the impact of the creation of the Eurozone on its member countries. This analysis comprises two studies that analyze this research agenda from different perspectives.
The first study compares the monetary policy of the ECB with the respective monetary policy of selected central banks of the European Monetary System (EMS). More precisely, conditional on aggregate demand and supply shocks, are there differences in the systematic central bank reaction function of the ECB and the four most important central banks of the EMS (Germany, France, Italy and Spain).
The second study analyzes the built-up of internal and external imbalances in Spain, i.e., on the housing market and in the current account, during the run-up to the financial crisis in 2007/08. The analysis differentiates between domestic Spain-specific factors and foreign Eurozone-factors that led to the macroeconomic imbalances.
The third and last study develops a price-theoretic credit supply model. In order to validate the model empirically, a credit market is estimated on the basis of data from the German credit market for enterprises. Finally, the results from the empirical exercise are compared to the predictions of the theoretic model.
Methodologically, all studies draw heavily on time series methods such as (multi-country) vector autoregressions (VARs) and time series regressions.