In this paper we question the consensus of using a binary crisisdefinition for empirical crisis models. We believe that the most severeshortcomings of the crisis models today are in the crisis definition rather than the explanatory variables ...

A lot happened even before the perceived beginning of this crisis in 2007,so although the events are recent, I will give an overview from a US perspectiveof the period from 2001 to date, in our search for the lessons to be learned.Much of it is probably familiar, but worth revisiting.I will...

We investigate the information content of aggregate stock market liquidity and askwhether it may be a useful realtime indicator, both for nancial stress, and real economicactivity in Norway. We describe the development in a set of liquidity proxies at the OsloStock Exchange (OSE) for the period...

The Great War of 1914-18 constituted a major rupture for the economies of Europe in several respects. It marked the end of almost a century of uninterrupted economic growth. It ended a long period of near-universal currency stability, and set in motion a painful process of de-globalisation. It...

This paper examines the link between multinational enterprises and employment growth atthe plant-level. We investigate in detail the comparative response of multinationals anddomestic firms to an economic crisis, using the empirical setting of a well defined case ofeconomic slowdown in Chile as...

Die soziale Polarisierung in Deutschlandist leider kein Mythos, wie wirtschaftsnaheKreise gern behaupten. Doch dieseBeschönigungen beruhen auf verzerrtenund veralteten Daten. Tatsächlich hat sichdie Einkommens- und Vermögensverteilungin den letzten zehn Jahren massivverschlechtert. Die...

Im Juli 2009 jährt sich zum 40. Mal dieEinführung aktiver Arbeitsmarktpolitik imRahmen des Arbeitsförderungsgesetzes. Seit1969 haben sich die Anforderungen an dieaktive Arbeitsmarktpolitik grundlegendverändert. Nicht zuletzt mit der Neuordnungvon Sozialgesetzbuch II und III (Hartz-Reformen)...

This paper considers the behavior patterns of Russian firms before and during thefinancial crisis of 2008-2009. To facilitate comparison, we define three maingroups of actors at the firm level in the Russian economy – large, politicallyconnected companies; mid-size firms that expanded in the...