structural breaks in the dynamics and the volatility of the real output process in Germany can be detected. We report evidence … that output volatility has declined in Germany. Yet, this decline in output volatility is not as clear-cut as it is in the … in Germany reflects good economic and monetary policy or merely "good luck". …

effect and the investment effect in aggregate time series for Germany after the Reunification in 1990. Moreover, we discuss …

This paper attempts to test whether financial supply-side shifts explain the low-investment climate of private firms in … Germany. The core contention is that a firm's financial position contributes to its access to external finance on credit …