Der Niedergang des Westens wird seit langem vorausgesagt. Doch heute sind die Symptome dieses Niedergangs nicht mehr zu übersehen: nachlassendes Wachstum, explodierende Staatsschulden, zunehmende Ungleichheit, alternde Bevölkerungen, auseinanderbrechende Sozialgefüge. Aber was genau läuft...

In this paper we study the evolution of central banks' balance sheets in 12 advanced economies since 1900. We find that balance sheet size in most developed countries has fluctuated within rather clearly defined bands relative to output. Historically, clusters of big expansions and contractions...

In this paper we study the evolution of central banks' balance sheets in 12 advanced economies since 1900. We find that balance sheet size in most developed countries has fluctuated within rather clearly defined bands relative to output. Historically, clusters of big expansions and contractions...