contraction. Our focus is on identifying the "pure" credit-limiting supply effect in order to assess its importance as it is …

The German economy expanded vigorously in 2011; GDP increased by 3%. During the year, production reached its pre-crisis …, investment. In 2013, the institutes expect GDP growth of 0.7 %. Unemployment will, on average, remain constant at 6.8 %. Consumer … between the southern member states and Germany. To overcome the crisis in the euro area expansionary demand-side policies need …

The German economy expanded vigorously in 2011; GDP increased by 3%. During the year, production reached its pre-crisis …, investment. In 2013, the institutes expect GDP growth of 0.7 %. Unemployment will, on average, remain constant at 6.8 %. Consumer … between the southern member states and Germany. To overcome the crisis in the euro area expansionary demand-side policies need …