I would like to thank my supervisors Professor Thomas Lux and Professor Rolf J.
Langhammer for their unstinting support. I am particularly indebted to Rainer Schweickert for
his continual encouragement. His numerous comments on all stages provided invaluable
guidance. I also owe many thanks to my co-author Mark Flanagan.
I am grateful for the hospitality of the International Monetary Fund and the Universitat
Pompeu Fabra as well as for the financial support of the German Academic Exchange Service
(DAAD) and the Monetary Stability Foundation of the Deutsche Bundesbank.
I am thankful to Professor Dennis Snower, the professors in the Advanced Studies Program,
the guest researchers at the Kiel Institute, and the Money-Macro Reading Group for thrilling
discussions on the most recent advances in macroeconomics and international economics.
I benefited from insightful discussions with Guido Ascari, Joachim Benner, Paul Bergin, Sven
Blank, Dora Borbély, Claudia Buch, Kai Carstensen, Martina Cecioni, Alper Çenesiz, Björn
Christensen, Ester Faia, Jordi Galí, Rafael Gerke, Gerd Hansen, Albert Jäger, Annette and
Christophe Kamps, Jörn Kleinert, Robert Kollmann, Harmen Lehment, Matthias Lücke,
Carsten-Patrick Meier, Tommaso Monacelli, Franziska Ohnsorge, Frank Oskamp, Christian
Pierdzioch, Vahe Sahakyan, Anna Schenck, Andrea Schertler, Marcus Sonntag, Mewael
Tesfaselassie, Cédric Tille, Markus Urban, Jaume Ventura, Lúcio Vinhas de Souza, Peter
Welz, and Roland Winkler.
I am also grateful for research assistance and technical support from Sabine Hübener,
Michaela Rank, Christiane Gebühr, Anke Walsdorf, Marion Glowatzka, Werner Ente, Roger
Raddatz, and Manfred Salden.
I dedicate this thesis to my parents and siblings.
Frankfurt, July 2008 Felix Hammermann