After recovering rapidly from the Great Recession, the Canadian economy has slowed down in 2012. Growth weakened in the first three quarters of 2012, and recent indicators have suggested that the pace of economic expansion remained subpar in the fourth quarter. The fiscal policy has continued to...

KEY ISSUES Economic Outlook: Strong private consumption and residential investment helped Canada recover quickly from the last recession but left a legacy of elevated household debt and high house valuations. The transition to more balanced economic growth, with stronger contribution from...

Specific ideas about the Fisher relation between real and nominal interest rates and more general ideas about the nature of the central bank's duty to support the financial system in times of crisis were important to the Monetarist re-assessment of the causes of the Great Depression and what...

We examine the sources of macroeconomic economic fluctuations by estimating a variety of medium-scale DSGE models within a unified framework that incorporates regime switching both in shock variances and in the inflation target. Our general framework includes a number of different model features...

Die in der Republik Belarus vor allem auf Betreiben von Präsident Lukaschenko verfolgte Wirtschaftspolitik wird seit Jahren von praktisch allen Beobachtern wegen unverkennbarer Rückschritte zu planwirtschaftlichen Rahmenbedingungen negativ eingeschätzt. Die Kritik kommt von so verschiedenen...

Strengthening potential output is high on the agenda for economic policy in the European Union. While there is widespread agreement that structural policies have a positive impact on long-term growth, there is a controversial discussion whether coordination of macroeconomic policies can...

We propose a method for indentifying discretionary fiscal policy with real time data. The starting point is the observation that automatic stabilizers should depend on true GDP, while discretionary fiscal policy depends on the information that policy makers have in real time. We approximate the...

Kann die Institutionalisierung eines Makroökonomischen Dialogs im Anschluss an den Kölner Gipfel 1999 als Ausdruck einer keynesianischen Orientierung gewertet werden? Haben sich die damit verknüpften Hoffnungen auf eine bessere Abstimmung von Geld-, Lohn- und Fiskalpolitik nach fünf Jahren...

This paper traces the euro zone's inadequate macroeconomic performance in recent years back to the predominance of a restrictive macroeconomic policy mix based on a 'new monetarist' approach to economic policy. An approach based on a (post-)Keynesian analysis is presented as a growth and...

Modelle der neu-keynesianischen Ökonomie geben eine Erklärung für die kurzfristige Nichtneutralität des Geldes. Als Erklärungsansatz dient hierbei die Annahme nominaler Rigiditäten auf dem Arbeits- und Gütermarkt. Der vorliegende Beitrag zielt auf einen Vergleich zweier Modelle der...