This volume investigates different aspects of monetary policy and prevention of financial crises. It discusses some recently suggested measures for central banks' responses to liquidity shortages and to the liquidity trap, methods for assessing the potential of crisis contagion via the interbank network, and the interaction between micro- and macro-prudential regulation. It compares different approaches for solving the Eurozone sovereign-debt problem and provides a new and intriguing explanation for rising income inequality. The authors are experts on monetary policy, financial crises, and contract theory from different European universities and central banks.

Frank Heinemann is professor of macroeconomics at the Berlin University of Technology. His main research interests are monetary macroeconomics, financial crises, and experimental economics.Ulrich Klüh is professor of economics at Hochschule Darmstadt. His main research interests are macroeconomic theory and policy, central banking, financial markets and institutions, and history and theory of economic thought.Sebastian Watzka is assistant professor at the Seminar for Macroeconomics of the University of Munich, LMU. His research interests are monetary policy and financial markets, financial crises, inequality and unemployment.

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