Die vorherrschende geldtheoretische Schule in Deutschland erklärt die Geldmenge als Produkt aus Basisgeldmenge und Multiplikator, wobei die Basisgeldmenge als exogen, d.h. von der Zentralbank fixiert angesehen wird. Vathjes Arbeit stellt eine grundlegende theoretisch und empirisch fundierte...

Italy is an ideal candidate for testing the credit view of the transmission mechanism because of a bank-centred financial structure, a sizeable trade debt, and an economy tilted towards small firms. An empirical analysis of trade credit and debt on averaged panel data shows that small firms act...

In response to tight money, both consumer loans and consumption fall. I ask whether there is any causality running from loans to consumption by focusing on how the composition of automobile finance between bank and nonbank sources of credit changes in response to unanticipated innovations in...

Intro -- Contents -- Preface -- 1 Overview -- I. Explaining the 1990s -- 2 The Morning After: Explaining the Slowdown in Japanese Growth -- 3 Identifying the Shocks: Japan's Economic Performance in the 1990s -- 4 Explaining the Slump in Japanese Business Investment -- 5 Where Are We Going? The...

This is the first time that the topic of school grounds has been selected for an OECD seminar in the Programme on Educational Building (PEB). Indeed, it is probably the first time that an international event has been wholly devoted to this important area...

The linear electrohydrodynamic Kelvin–Helmholtz instability of the interface between two dielectric fully saturated porous media under the effect of normal electric fields is considered. The lighter fluid is above the heavier one so that in the absence of both motion and electric fields, the...

A quantitative comparison of the pore space geometry for three natural sandstones is presented. The comparison is based on local porosity theory which provides a geometric characterization of stochastic microstructures. The characterization focusses on porosity and connectivity fluctuations....