A striking and unexpected feature of the financial crisis has been the sharpappreciation of the US dollar against virtually all currencies globally. The paper findsthat negative US-specific macroeconomic shocks during the crisis have triggered asignificant strengthening of the US dollar, rather...

A large part of the current debate on US stock price behaviorconcentrates on the question of whether stock prices are driven byfundamentals or by non-fundamental factors(...)

“Light” welfare states were perceived by some as one source of East Asian economicdynamism. Didier Jacobs has examined the strengths of several East Asian socialwelfare systems and the challenges they face after the financial crisis.Japan has a fully-fledged social welfare system. Yet her...

Schweizer Private-Banking-Anbieter gehören trotz starken Ertragseinbrüchen im Zuge derFinanzkrise weiterhin international zu den wettbewerbsfähigsten Instituten. Offshore-Strategienstagnieren allerdings und kommen unter Druck. Dies zeigt die neueste «International PrivateBanking Study» des...

Despite severe revenue shrinkage in the course of the financial crisis, Swiss private banks canstill be found among the most competitive players internationally. However, offshore businessmodels have stagnated as pressure on them intensifies. The latest edition of the«International Private...

Many contributions suggest that earnings instability has increased during the 1980s and1990s. This paper develops and estimates an on-the-job search model of the labor market tostudy the contribution of wage inequality and job mobility in explaining earnings instability. Tostudy the evolution...