Der Untertitel sagt treffend, worum es im neuen Buch des ehemaligen IBM-Deutschland-Chefs und Präsidenten des BDI und der Leibniz-Gemeinschaft geht, um das Versagen von Wirtschaft und Politik. "Henkels kompromisslose Analyse zeigt, dass die herkömmlichen Erklärungsmuster nicht greifen:...

We study the interplay of optimal ex-ante (macroprudential) and ex-post (monetary or fiscal stimulus) measures to respond to systemic financial crises in a tractable model of fire sales. We find that it is generally optimal to use both, rejecting the Greenspan doctrine to only intervene ex post....

We study the interplay of optimal ex-ante (macroprudential) and ex-post (monetary or fiscal stimulus) measures to respond to systemic financial crises in a tractable model of fire sales. We find that it is generally optimal to use both, rejecting the Greenspan doctrine to only intervene ex post....

The recent financial crisis has provoked a raft of contending claims as to whether the cause of the crisis is better attributed to market failure or political failure. Such claims are predicated on a presumption that markets and polities are meaningfully separate entities. To the contrary, we...