Die deutsche Wirtschaft wurde von der globalen Immobilien- und Finanzkrise hart getroffen. Aufgrund der starken Exportorientierung ist der Wirtschaftseinbruch im Vergleich zu anderen europäischen Ländern besonders stark. Allerdings: Die Arbeitsmarktentwicklung verlief dagegen bislang...

We show that fiscal multiplier estimations may be biased by movements in asset and credit markets, as they facilitate spurious correlations of changes in cyclically adjusted revenues and spending with GDP growth via an identification bias and an omitted variable bias, thus overstating episodes...

Governments on both sides of the Atlantic have reacted with a raft of new regulations to the US subprime mortgage crisis. The article argues that while these new rules actually touch many of the incentive and information problems which were instrumental in creating the crisis, they only address...