The year 2009 is a propitious time to evaluate systems of investor protection in financial markets as global bank losses exceed the 1 trillion mark and market losses equally exceed the 1 trillion mark. Prior to the Global Financial Crisis, the European Union enacted sweeping legislation to...

We analyse the impact of industry on non industrial production, as well as its effect on wages and employment in 6 OECD countries: France, Germany, Italy, Spain, the United Kingdom and the United States for the period 1960-2012. Our approach to macro-econometric modelling have into account both...

State Public Pension funds have increased their portfolios into riskier alternative investments to meet their annual required contributions (ARC). Our paper uses The Public Plans Data (PPD) to analyze the differences in alternative investments for 2001 to 2013 by Democrats and Republican...

This paper provides an overview of the evolution of macroeconomic thought from 1936, the year John Maynard Keynes published his general theory of employment, interest and money to the year 2010. It explores the reasons for the extension of the business cycle during the postwar period. The paper...

This paper analyzes the causes and implications of recent financial crises. Financial crises in general lead to changes in both theory and practice of economics. The paper takes an historical overview. The global consensus of economic theory during the 20th century is discussed. The paper...

Recently, national newspapers all over the world have suggested that we should reread John Maynard Keynes, and that Hyman P. Minsky provides a valuable framework for understanding the world in which we live. While rereading Keynes and discovering Minsky are noble goals, one should also remember...

This paper analyzes the duration of large economic declines and provides a theory of delayed recovery. First, we develop a formal political economy model that illustrates a simple mechanism of how weak constraints on the political executive can lead to longer declines in ethnically heterogeneous...

Die amerikanischen Wahlen im November 2020 werden nicht nur für die USA selbst, sondern auch für Europa und Deutschland von hoher Bedeutung sein. Während die transatlantische Kooperation unter der aktuellen Administration gelitten hat, besteht mit einem Regierungswechsel die Chance auf einen...

Theory and evidence suggest that in an environment of well-anchored expectations, temporary news or shocks to economic variables, should not affect agents ́expectations of inflation in the long term. Our estimated structural VARs show that both long- and short-term inflation expectations are...

This paper describes the role of government ideology on economic policy-making in the United States. I consider studies using data for the national, state and local level and elaborate on checks and balances, especially divided government, measurement of government ideology and empirical...