This paper analyzes Germany's fiscal policy position. Half of GDP passes through the hands of government, a high debt to GDP ratio limits the maneuvering, and the revenue sharing mechanism prevents a competitive federalism. Most importantly for the future, the federal finance minister has to...

Die Konjunktur in Deutschland befindet sich am Beginn einer Schwächephase. Es ist keineswegs ausgeschlossen, dass die Wirtschaft in eine Rezession gerät, für die Prognose ist allerdings unterstellt, dass eine solche Verschärfung nicht eintritt. Wir halten es dennoch für wahrscheinlich, dass...

An Englishman once watched his first American football game. He looked intently as the team gathered into a huddle after each play. His American host asked him what he thought of the proceedings. “Not a bad sport,” remarked the visitor, “but they do seem to engage in an excessive number of...

Germany's system of economic and political governance strongly relies on group decision-making and consensus to solve economic issues. This approach relates to a wide spectrum of decisions, including the social partners with the trade unions and the employers' associations in wage formation, the...