Die zurückliegende Stagnation in Deutschland wird in den Wirtschaftswissenschaften unterschiedlich beurteilt. Während der „Mainstream“ die Auffassung vertritt, dass die wirtschaftliche Schwäche vor allem strukturell bedingt war, und Reformen auf der Angebotsseite für erforderlich hält,...

The 1990s were the most prosperous decade in U.S. economic history. The paper analyses to which extent this period fits into preceding cyclical experience. This is done by classifying the period 1991-12 to 2000-12 with the help of a 4-phase classification scheme based on multivariate...

This paper investigates the effects of macroeconomic volatility on nonfinancial firms cash holding behavior. Using an augmented cash bufferstock model, we demonstrate that an increase in macroeconomic volatility will cause the crosssectional distribution of firms cashtoasset ratios to narrow. We...