This dissertation comprises three distinct economic stduies. The first deals with the origin of business cycle fluctuations and the other two with the measurement of financial constraints and the identification of the respective treatment effect.

The role of fiscal austerity has been questioned for centuries, but a rapidly increasing deficit along with the financial crisis in 2007 / 2008 influenced a renewed debate on the economics of austerity. This paper analyzes the role of austerity versus the role of economic growth. It also...