Germany's current account balance has been persistently high for about two decades and has increasingly attracted criticism as well as prompted proposals for policy measures geared to reducing the surplus. Assessing such proposals properly requires an analysis based on structural models. As...

Climate change and climate policy will have far-reaching economic implications, thereby also posing new challenges for macroeconomic analysis. This is partly because climate risks have an important global dimension. Moreover, climate change and climate polices are likely to affect different...