Um zu verhindern, dass die deutsche Wirtschaft immer tiefer in den Abwärtssog der globalen Rezession gezogen wird, muss die Finanzpolitik entschlossen gegensteuern. Das von der Bundesregierung beschlossene Maßnahmenbündel ist hierfür völlig unzureichend. Durch ein hoch dosiertes und...

The worst global downturn since the Great Depression has caused ballooning budget deficits in most nations, as tax revenues collapse and governments bail out financial institutions and attempt countercyclical fiscal policy. With notable exceptions, most economists accept the desirability of...

This paper analyzes the effectiveness of the tax and transfer systems in the European Union and the US to act as an automatic stabilizer in the current economic crisis. We find that automatic stabilizers absorb 38 per cent of a proportional income shock in the EU, compared to 32 per cent in the...