Main description: Der vorliegende Band vereint ausgewählte wirtschaftswissenschaftliche Publikationen von Wolfgang Schmitz aus vier Jahrzehnten. -- Motiviert wurden die wirtschaftsethischen Arbeiten insbesondere durch seine schon früh einsetzende wirtschaftspolitische Tätigkeit. 1950 trat er...

Aggregate demand is important, both in the short and the long run, but a basic distinction must be made between dual and mature economies. Mature economies may su¤er from a structural aggregate problem ("secu- lar stagnation"): full-employment growth may be impossible in the absence of...

The massive expansion of central-bank balance sheets in response to recent crises raises important questions about the effects of such "quantitative easing" policies, both their effects on financial conditions and on aggregate demand (the intended effects of the policies), and their possible...

At the zero lower bound, the central bank's inability to offset shocks endogenously generates volatility. In this setting, an increase in uncertainty about future shocks causes significant contractions in the economy and may lead to non-existence of an equilibrium. The form of the monetary...