Nicht zuletzt das Buch von Thomas Piketty hat die öffentliche und auch die wissenschaftliche Debatte über Verteilungsfragen wieder in Schwung gebracht. Unstrittig ist, dass die Ungleichheit der Löhne und der Haushaltseinkommen in Deutschland zugenommen hat. Die deutlichen Veränderungen der...

Durch die schwere Banken- und Finanzkrise der vergangenen Jahre ist die Notwendigkeit einer besseren Regulierung der Banken und einer besseren Aufsicht über die Märkte offenkundig geworden. Hierzu liegt eine Reihe von Vorschlägen zur Änderungen der Regulierung auf dem Tisch bzw. sind bereits...

Makroprudenzielle Politik hat das Ziel, die Stabilität des Finanzsystems zu überwachen und zu sichern. Systemrisiken entstehen, wenn Schieflagen in Teilen des Finanzsystems die Funktionsweise der Finanzmärkte und damit die realwirtschaftliche Entwicklung beeinträchtigen. Ziel dieser Politik...

We propose occupational decisions of heterogeneous individuals as an alternative mechanism of explaining the distribution of firm productivities emphasized by empirical studies. Thus, we integrate the frameworks of Melitz (2003), and of Manasse and Turrini (2001) that establish the theoretical...

Summary Explanations for the robust situation of the German labour market in the course of the global recession 2008/09 are the usage of short-time work schemes, the higher internal labour flexibility due to provisions of collective agreements and the reduction of positive balances on...

This paper shows that endogenous adjustments in the composition of labour supplies magnify the effects of changes in commodity prices on the measured skill premium under quite plausible conditions. These composition effects arise from decisions of individuals with heterogeneous inherent...

We develop a model of education where individuals face educational risk. Successfully entering the skilled labor sector depends on individual effort in education and public resources, but educational risk still causes (income) inequality. We show that an optimal public policy consists of...

The euro area is experiencing a severe and highly complex crisis. It comprises three problem areas, the difficulties of some highly indebted European sovereigns to ascertain funding at palatable cost, the disconcerting fragility of the European banking system and disappointing growth prospects...

The intensity of the euro crisis has been reflected in significant increases in sovereign bond yields in the most troubled countries. This has triggered a debate over whether this increase can be attributed solely to fundamental factors or whether part of the increase represents redenomination...

The German Council of Economic Experts (GCEE) has the legal mandate to independently assess the state of the German economy, to formulate its expert opinion regarding issues of economic policy and to alert readers to any undesirable developments which threaten to arise in this context. While...