Es ist der gröt︣e Diebstahl von Steuergeldern in der Geschichte Europas: Allein in Deutschland raubten Banker, Anwälte und Anleger 31,8 Milliarden Euro aus der Staatskasse. Europaweit waren es mindestens 55,2 Milliarden Euro. Der Trick: Schwerreiche Investoren liessen sich Steuern erstatten,...

The case for central bank independence is built on an intellectual two-step. Step one argues there is a problem of inflation prone government. Step two argues independence is the solution to that problem. This paper challenges that case and shows it is based on false politics and economics. The...

This Article studies the durapolist, the durable-goods monopolist. Durapolists have long argued that, unlike perishable-goods monopolists, they face difficulties in exercising market power despite their monopolistic position. During the past thirty years, economists have extensively studied the...

In this paper we address the issue of multilateralism versus bilateralism in a situation where a home government's optimal policy is time-inconsistent and the time-consistent policy sub-optimal. Short-run production and wage rigidities create incentive for the government to surprise private...