Changes are being made to a key piece of European law whose purpose is to protect you when you buy or invest in financial products. The Markets in Financial Instruments Directive (MiFID) is being updated and strengthened in some important areas and will be known as MiFID II.MiFID is central to...

We develop a rational expectations framework to study the consequences of alternative means to resolve the "unfunded liabilities'' problem---unsustainable exponential growth in federal Social Security, Medicare, and Medicaid spending with no plan to finance it. Resolution requires specifying a...

Die wirtschaftlichen Folgen der COVID-19-Pandemie führen nach aktuellen Erwartungen zu der schwersten Rezession in der deutschen Nachkriegsgeschichte. Zur Bewältigung dieser Krise kommt der Wirtschaftspolitik die Aufgabe zu, positive wirtschaftliche Impulse zu setzen, ohne gleichzeitig die...