This paper looks at the relation between mortgage credit and housing values. It has become conventional wisdom in policy circles that credit growth led to the housing bubble in the US. However, this statement has not been empirically tested as of yet. The paper uses the Johansen procedure to...

In this paper we explore the reasons for the trend reversal in the development of household market income inequality in Germany in the second half of the 2000s. We analyse to what extent the increasing relevance of capital income as well as the rising share of atypically employed persons have...

This paper examines the evidence on the impact of stimulus and fiscal consolidation in the context of a severe economic slump like the Great Recession. The first part reviews some of the major works on this topic in the last decade. It notes that the research clearly points in the direction of...

At a time with growing fears of excessive government debt and of overburdened future generations Swiss fiscal policy seems to be the virtuous role model to be followed. Whereas almost everywhere else government debt has been increasing dramatically after the global economic and financial crisis...

In der Studie wird die Zusammensetzung der gesamtwirtschaftlichen Arbeitskosten von Industriegütern nach Herkunftsbereichen und Arbeitszeitgruppen analysiert. Unter Nutzung der Input-Output-Methode wird der Einfluss der unterschiedlich hoch bezahlten Arbeit im Verarbeitenden Gewerbe und dem...

n the first part of the study developments of factor shares in six advanced economies since the early 1960s are presented. Instead of focusing on the wage share, ie the share of national income that goes to employees, a broader measure is used to account for all labor income, the labor income...

We review the major provisions of Dodd-Frank, focusing on the monitoring of systemic risk, the limitation on proprietary trading, the regulation of the hedge fund industry, credit rating agencies, and the rules applicable to derivative trading. We compare these provisions with the recent...

In Germany, inequality of net equivalized income increased noticeably in the first half of the new millennium. We aim to identify the main drivers of this rise in income inequality since the early 1990s. We provide a broad overview of the circumstances under which inequality evolved, i.e. which...

Die vorliegende Arbeit befasst sich detailliert mit dem Flexibilisierungsinstrument Kurzarbeit. Dazu wird die institutionelle Entwicklung und der Stand der wissenschaftlichen Forschung ausführlich vorgestellt. Ökonomisch finden sich viele Argumente pro Kurzarbeit, wie bspw. die Senkung von...

Die aktuelle Krise in der Eurozone wurde durch ein permanentes Auseinanderdriften von Löhnen, Lohnstückkosten und Preisen und entsprechend starke Divergenzen zwischen den Leistungsbilanzen der Mitgliedstaaten verursacht. Der Europäische Rat hat diese offene Flanke der europäischen...