<DIV>Social Security in the United States and in Europe is at a critical juncture. Through the essays assembled in <I>Social Security Pension Reform in Europe</I>, Martin Feldstein and Horst Siebert, along with a number of distinguished contributors, discuss the challenges facing Social Security reform in...</i></div>

Der Beitrag geht der Frage nach, welche Veränderungen in Deutschland erforderlich sind, um die derzeit gravierenden Zielverfehlungen zu vermeiden. Er beschäftigt sich auch mit der Frage, ob die Reformen durch einen Big Bang oder eine Vielzahl kleiner Schritte möglich sind. <p>The paper reviews...</p>

In the second part of the 80s, Japan was under political pressure to expand aggregate demand. It followed suit in increasing its money supply. This caused severe inflation and the financial bubble which collapsed in 1990 resulting in capital losses and in a sizable loss of GDP. This paper draws...