Die deutsche Diskussion über die Europäische Währungsunion steckt in einer Empörungsfalle. Rechtsnormen und Zahlen werden ungenau und missverständlich wiedergegeben, Kausalzusammenhänge werden nicht belegt. Der Begriff des "Target-Kredits" vermengt volkswirtschaftliche und...

Reforms of financial regulation after the crisis of 2007-2009 raise the question of what is the relation between financial regulators and competition authorities. Should competition authorities play a role in financial regulation? Should they co-operate with financial regulators? Or should they...

Der Aufsatz setzt sich kritisch mit verschiedenen Vorschlägen zur Reform des Geldwesens seit der Finanzkrise und mit den zugrundeliegenden Vorstellungen von "Geld" auseinander. Das Wort "Geld" wird in dieser Diskussion für verschiedene Dinge und in verschiedenen Bedeutungen gebraucht. Als...

This contribution to the panel on the future to EMU discusses the tensions that arise from the fact that banks are, on the one hand, an essential element of the monetary transmission mechanism and, on the other hand, an integral part of local, regional or national polities. Banking union can...

The paper provides mathematical foundations for modeling strategic interdependence with a continuum of agents where uncertainty has an aggregate component and an agent-specific component and the latter satisfies a conditional law of large numbers. This decomposition of uncertainty is implied by...

The paper contributes to a symposium of the Oxford Review of Economic Policy on "Capitalism: What has Gone Wrong, What Needs to Change, and How can it be Fixed?". The analysis starts from the observation that, in the United States, the United Kingdom and continental Europe, widespread discontent...

An anonymous social choice function for a large atomless population maps cross-section distributions of preferences into outcomes. Because any one individual is too insignificant to affect these distributions, every anonymous social choice function is individually strategy- proof. However, not...

The paper studies efficient public-good provision in a model with private values whose distribution depends on a macro shock; conditionally on this shock, values are independent and identically distributed. A generalization of the Bayesian mechanism of d'Aspremont and Gérard-Varet is shown to...

According to Homburg's (2014) comment on Kim and Lee (1997), an ad-valorem property tax on land cannot cause dynamic ineffi ciency of equilibrium allocations in an overlapping-generations model unless the tax is "confiscatory", i.e., equal to or greater than land rents. With such a tax, Homburg...

The paper contains comments made on the Financial Stability Board's (FSB) Consultation Report concerning the success of regulatory reforms since the global financial crisis of 2007-2009. According to these comments, the FSB’s assessment of the role of equity is too narrow, being phrased in...