The 2010 European debt crisis has revived the discussion concerning the optimum adjustment strategy in the face of asymmetric shocks. Whereas Mundell's (1961) seminal theory on optimum currency areas suggests depreciation in the face of crisis, the most recent emergence of competitive...

Japan hat nicht nur 15 Jahre vor Europa einen Boom-und-Krisen-Zyklus durchschritten, sondern auch wichtige Erfahrungen mit Krisentherapien in Form von monetärer Lockerung, expansiver Finanzpolitik und Rekapitalisierung von Finanzinstituten gemacht. Japan hat die Nullzinsgrenze bereits 1999...

The paper compares the boom-and-bust cycles in Japan and Europe with respect to the reasons for excessive booms, the characteristics of the crises, and the (potential) effects of the crisis therapies. As in Japan the consequence of expansionary monetary and fiscal policies is the hysteresis of...

The paper compares the boom-and-bust cycles in Japan and Europe with respect to the reasons for excessive booms, the characteristics of the crises, and the (potential) effects of the crisis therapies. As in Japan the consequence of expansionary monetary and fiscal policies is the hysteresis of...

Since the introduction of the euro in January 1999, exchange rate stability in the periphery of the euro area is growing. The paper investigates the impact of exchange rate stability on growth for a sample of 41 mostly small open economies in the EMU periphery. It identifies international trade,...

Since the introduction of the euro in January 1999, exchange rate stability at the periphery of the euro area is growing. The paper investigates the impact of exchange rate stability on growth for a sample of 41 mostly small open economies at the EMU periphery. It identifies international trade,...

We ask whether local agglomeration affects how recessions impact on entrepreneurship by comparing the probability of being an entrepreneur before and after the Great 2008 Recession in local labour markets where industrial districts are present and in comparable areas. Using Italian Labour Force...

The paper analyses the effects of the monetary policy crisis management of the European Central Bank on the economic order of Germany. It is argued that in post-war Europe the German social market economy as designed by Eucken (1952) and Müller-Armack (1966) has been a core element of growth,...

Japan hat nicht nur 15 Jahre vor Europa einen Boom-und-Krisen-Zyklus durchschritten, sondern auch wichtige Erfahrungen mit Krisentherapien in Form von monetärer Lockerung, expansiver Finanzpolitik und Rekapitalisierung von Finanzinstituten gemacht. Japan hat die Nullzinsgrenze bereits 1999...

The 2010 European debt crisis has revived the discussion concerning the optimum adjustment strategy in the face of asymmetric shocks. Whereas Mundell's (1961) seminal theory on optimum currency areas suggests depreciation in the face of crisis, the most recent emergence of competitive...