Die derzeitige Konjunkturkrise ist am aktuellen Rand eine Konsumkrise und in ihrer Dimension deutlich stärker als während der globalen Finanzmarktverwerfungen von 2008/2009. Der private Konsum hat sich in den 15 Jahren bis zum Ausbruch der Corona-Pandemie in Deutschland ähnlich gut entwickelt...

In the Covid-19 crisis, most OECD countries use short-time work schemes (subsidized working time reductions) to preserve employment relationships. This paper studies whether short-time work can save jobs through stabilizing aggregate demand in recessions. We build a New Keynesian model with...

Die derzeitige Konjunkturkrise ist am aktuellen Rand eine Konsumkrise und in ihrer Dimension deutlich stärker als während der globalen Finanzmarktverwerfungen von 2008/2009. Der private Konsum hat sich in den 15 Jahren bis zum Ausbruch der Corona-Pandemie in Deutschland ähnlich gut entwickelt...

In the Covid-19 crisis, most OECD countries have used short-time work (subsidized working time reductions) to preserve employment relationships. This paper studies whether short-time work can save jobs through stabilizing aggregate demand in recessions. First, we show that the consumption risk...

In the Covid-19 crisis, most OECD countries have used short-time work (subsidized working time reductions) to preserve employment relationships. This paper studies whether short-time work can save jobs through stabilizing aggregate demand in recessions. First, we show that the consumption risk...

Current discussions among major economists finds significant disagreement in defining the status of the global economy. This article examines the main themes in the context of the theories presented on savings, consumption and investment. The primitive society concept of “limited good”...

This paper contrasts the orthodox approach with an alternative view on finance, saving, deficits, and liquidity. The conventional view on the cause of the current global financial crisis points first to excessive United States trade deficits that are supposed to have “soaked up” global...

This paper contrasts the orthodox approach with an alternative view on finance, saving, deficits, and liquidity. The conventional view on the cause of the current global financial crisis points first to excessive U.S. trade deficits that are supposed to have “soaked up” global savings....

Life expectancy for Blacks is about 8 year shorter than for Whites. A shorter life expectancy, in line with the theoretical prediction of a simple model, determines a much lower amount of savings and wealth accumulation and therefore a lower degree of insurance. This, in turn, contributes to...

Life expectancy for Blacks is about 8 year shorter than for Whites. A shorter life expectancy, in line with the theoretical prediction of a simple model, determines a much lower amount of savings and wealth accumulation and therefore a lower degree of insurance. This, in turn, contributes to...