Economic Policy 74

In this volume, top economists provide a concise and accessible evaluation of major developments in trade and trade policy. Economic Policy has earned a reputation around the world as the one publication that always identifies current and emerging policy topics early.

Top economists provide a concise and accessible evaluation of major developments in trade and trade policy.
* Economic Policy has earned a reputation around the world as the one publication that always identifies current and emerging policy topics early
* Papers are specially commissioned from first-class economists and experts in the policy field
* The editors are all based at top European economic institutions and each paper is discussed by a panel of distinguished economists
* This unique approach guarantees incisive debate and alternative interpretations of the evidence

Editor's Introduction 189

Trends in European real exchange rates 193
Martin Berka and Michael B. Devereux
Discussant: Gianluca Benigno
Panel discussion

A Monetary policy strategy in good and bad times: lessons from the recent past 243
Stephan Fahr, Roberto Motto, Massimo Rostagno, Frank Smets and Oreste Tristani
Discussants: Romain Rancière and Tommaso Monacelli
Panel discussion

Bank ratings: what determines their quality? 289
Harald Hau, Sam Langfield and David Marques-Ibanez
Discussants: Isabel Schnabel and Thorsten Beck
Panel discussion

Why banks are not too big to fail - evidence from the CDS Market 335
Andrea Barth and Isabel Schnabel
Discussants: Fabiano Schivardi and Vasso Ioannidou
Panel discussion and appendix