Hans-Olaf Henkel (Jahrgang 1940), früherer Präsident des Bundesverbands der Deutschen Industrie und heute Professor für Betriebswirtschaftslehre an der Universität Mannheim, analysiert hier schonungslos die Ursachen der globalen Krise und den Aktionismus der Politik. (Jürgen Plieninger)

We study the impact of the interaction between fiscal and monetary policy on the low-frequency relationship between the fiscal stance and inflation using crosscountry data from 1965 to 1999. In a first step, we contrast the monetary-fiscal narrative for Germany, the U.S. and Italy with evidence...

Recent macro developments in the euro area have highlighted the interactions between fiscal policy, sovereign debt, and financial fragility. We take a structural macroeconomic model with frictions in the financial intermediation process, in line with recent research, but introduce asset choice...