Effizienz und Stabilität von Finanzmärkten : stehen wir vor einem Paradigmenwechsel?

The paper discusses the impact of the financial crisis on macroeconomics and on research into financial markets. The cornerstones of the economic mainstream were made obsolete by actual developments in recent years, and there are now signs that a fundamental paradigm shift is possible. After the failures stemming from the extensive deregulation of financial markets, economic policy now faces the challenge of actively reshaping the regulatory design of this central area of economic activity.