[Woran Griechenland krankt] Griechenland leidet im Kern vor allem unter institutioneller Dysfunktionalität und einer schweren Deformation der Produktionsstrukturen. Diese sind massiv zugunsten eines überdimensionalen Konsumsektors verzerrt. Letzterer war nur solange lebensfähig, wie dem Land...

The recovery of the world economy is evolving with a considerable degree of heterogeneity across countries. While the recovery in emerging countries, in particular in Eastern Asia, was very pronounced, it was disappointingly slow in most advanced economies. For example, the upturn was quite...

The recovery of the world economy is evolving with a considerable degree of heterogeneity across countries. While the recovery in emerging countries, in particular in Eastern Asia, was very pronounced, it was disappointingly slow in most advanced economies. For example, the upturn was quite...

I empirically analyze the dynamics of business investment following normal recessions (declines in business investment that are not associated with banking crises) and banking crises. Using a panel of 16 advanced economies, I find evidence for significant non-linear trend reversion or...

This analysis provides evidence for the costs housing crises induce in terms of GDP growth and under what circumstances these crises are particularly costly. Housing crises are often followed by recessions that are longer and deeper than other recessions. According to empirical estimates,a...

This paper analyzes the international transmission effects of euro area monetary policy shocks in to other western European countries, namely the United Kingdom, Sweden, Switzerland, Denmark, and Norway. For this purpose, we use a structural VAR model of the euro area and augment it...

[Erholung der Weltwirtschaft verliert an Schwung] Die kräftige Expansion der Weltwirtschaft setzte sich nach der Jahreswende fort und hielt auch im zweiten Quartal 2010 an. Die Aussichten für die Weltkonjunktur haben sich zuletzt zwar eingetrübt. In den Schwellenländern dürfte die...