Essays on macroeconomic theory as a guide to economic policy [Elektronische Ressource] / von Stefan Ried

Essays on Macroeconomic Theory as a Guide toEconomic PolicyDISSERTATIONzur Erlangung des akademischen Gradesdoctor rerum politicarum(Dr. rer. pol.)im Fach Volkswirtschaftslehreeingereicht an derWirtschaftswissenschaftlichen FakultätHumboldt-Universität zu BerlinvonHerrn Diplom-Volkswirt Stefan Riedgeboren am 10. August 1976 in SchwalmstadtPräsident der Humboldt-Universität zu Berlin:Professor Dr. Dr. h.c. Christoph MarkschiesDekan der Wirtschaftswissenschaftlichen Fakultät:Professor Oliver Günther, Ph.D.Gutachter:1. Professor Harald Uhlig, Ph.D.2. Professor Michael Burda, Ph.D.eingereicht am: 14. April 2009Tag des Kolloquiums: 10. Juli 2009AbstractThis dissertation consists of four chapters and an appendix. After an introductorychapter with an extended literature overview, Chapter 2 is dedicated to the topic ofmacroeconomic policy in a heterogeneous monetary union. Chapter 3 investigatesthe macroeconomics of real estate, and Chapter 4 deals with a New Keynesian openeconomy model versus the six major puzzles in International Macroeconomics. An ap-pendix provides some derivations and mathematical details. In the following, I brieflysketch the approach and main findings of Chapters 2 to 4.Chapter 2 uses a two-country model with a central bank maximizing union-wide welfare and two fiscal authorities minimizing comparable, but slightly differentcountry-wide losses. The rivalry between the three authorities is analyzed in sevenstatic games.