. Germany is the prototypical economy where universal banks allegedly exert substantial influence over firms. Despite frequent …

the importance of the interest rate and credit channels on business fixed investment in Germany. We have at our disposal …

structural breaks in the dynamics and the volatility of the real output process in Germany can be detected. We report evidence … that output volatility has declined in Germany. Yet, this decline in output volatility is not as clear-cut as it is in the … in Germany reflects good economic and monetary policy or merely `good luck'. …

trends in unconditional firm level and aggregated output volatility in Germany are similar. There has been a long …

' activities is associated with an increase in firm-level employment volatility. We use a firm-level dataset for Germany which … that are active in Germany. We decompose the volatility of firms into their reaction and their exposure to aggregate …