In the present paper we question the mainstream diagnosis of Germany's post-2000 stagnation as well as the prescribed remedies. We show that the "institutional sclerosis" view of Germany's stagnation is unfounded and that therefore the political measures proposed and actually taken are...

In this paper we analyse the effects of financialisation on income distribution, before and after the Great Financial Crisis and the Great Recession. The focus is on functional income distribution and thus on the relationship between financialisation and the wage share or the gross profit share....

This study on Germany examines the long-run changes between the financial and the non-financial sectors of the economy, and in particular the effects of these changes on the macroeconomic developments that have led or contributed to the financial crisis starting in 2007 and the Great Recession...

We present an investigation into the long-run effects of financialisation on income distribution before the financial and economic crises for Germany, one of the major mercantilist export-led economies. The analysis builds on a Kaleckian approach towards the examination of the effects of...

Die Wirtschaftspolitik steht vor gewaltigen Herausforderungen. Schon seit Mitte der 1990er Jahre weist die deutsche Wirtschaft eine geringere Wachstumsdynamik als der Rest des Euroraums und insbesondere als die USA auf. Die wirtschaftliche Schwäche geht mit steigender Arbeitslosigkeit und...

In der deutschen wirtschaftspolitischen Debatte wird vielfach behauptet, dass der Schlüssel zu höherem Wachstum in weiteren Strukturreformen liegt. Ein Vergleich Deutschlands mit den strukturell recht unterschiedlichen Volkswirtschaften Schwedens und des Vereinigten Königreichs legt einen...

The paper fundamentally challenges the institutional sclerosis explanation of the present German economic stagnation. Instead we present a macroeconomic explanation focusing on the combined effects of too restrictive monetary policies, too restrictive and sometimes pro-cyclical fiscal policies...

The New Consensus approach in macroeconomics is criticised for its exclusive but unwarranted reliance on stabilising monetary policies, for its ill-designed approach to the role of wages and wage policies, and for its complete neglect of fiscal policies. From a Post-Keynesian perspective, it is...