We analyze the rise and decline of the steel and mining industries in the regions of Saarland, Lorraine und Luxemburg over a long period, from the mid-19th century to 2003. Our main focus in on the period of structural decline in these industries after the second world war. Differences in the...

Germany's recent export successes and the fast recovery from the 2007 -2009 crisis made it Europe's "economic superstar" in public opinion. This paper interprets the German performance against the background of financialisation. After an examination of the pre-crisis demand and growth regime,...

This study on Germany examines the long-run changes between the financial and the non-financial sectors of the economy, and in particular the effects of these changes on the macroeconomic developments that have led or contributed to the financial crisis starting in 2007 and the Great Recession...

In the present paper we question the mainstream diagnosis of Germany's post-2000 stagnation as well as the prescribed remedies. We show that the 'institutional sclerosis' view of Germany's stagnation is unfounded and that therefore the political measures proposed and actually taken are...

The New Consensus approach in macroeconomics is criticised for its exclusive but unwarranted reliance on stabilising monetary policies, for its ill-designed approach to the role of wages and wage policies, and for its complete neglect of fiscal policies. From a Post-Keynesian perspective, it is...

Financialization is a process whereby financial markets, financial institutions and financial elites gain greater influence over economic policy and economic outcomes. Financialization transforms the functioning of economic system at both the macro and micro levels. Its principal impacts are to...

In this paper we outline alternative policy recommendations addressing the problems of differential inflation, divergence in competitiveness, and associated current account imbalances within the euro area. The major purpose of these alternative policy proposals is to generate sustainably high...

Empirically, the macroeconomic institutions and the macroeconomic policy approach in the Eurozone have failed badly, both in terms of preventing the global financial and economic cri-sis from becoming a euro crisis and in generating a rapid recovery from the crisis, in particular. In this paper...

Macroeconometric policy simulation models allow for an analysis, and, above all, for a quantification of the effects different economic policies have on the various variables that represent the economy. Despite the seminal ‘Lucas critique’ levelled against them, these models are still widely...

We study the effects of demand, tax and supply shocks in one- and two-country macroeconomic models with fixed exchange rates, with our main emphasis on the stabilisation properties of progressive taxation. The models try to depict outcomes for the EMU countries. In the one-country model we...