The current crisis is like an earthquake for the theoretical foundations of economic policies, which have guided governments and central banks for the last few decades. The efficient market hypothesis and its application to labor markets –“natural rate theory”- dominated interpretations of...

DIE REIHE: SCHRIFTENREIHE ZU ORDNUNGSFRAGEN DER WIRTSCHAFTherausgegeben von Thomas Apolte, Martin Leschke, Albrecht F. Michler, Christian Müller,Rahel Schomaker und Dirk WentzelDie Reihe diskutiert aktuelle ordnungspolitische und institutionenökonomische Fragestellungen. Durch die methodische...

This study analyzes which types of firm-level shocks were associated with the centralization of strategic decision-making during the recession of 2008-09. We use a unique survey dataset of more than 14000 manufacturing firms from seven European countries which includes direct information on...