Based on the concepts of justice by Hayek, Rawls and Buchanan we argue that the growing political dissatisfaction in industrialized countries is rooted in the asymmetric pattern in monetary policies since the 1980s for two reasons. First, the structurally declining interest rates and the...

We use household surveys to describe differences in wages, income, wealth and liquid assets of households born in their country of residence ("natives") vs. those born in other EU and non- EU countries ("immigrants"). The differences in wealth are more substantial than the differences in wages...

In the 24 years since its introduction, the euro has experienced a financial crisis, a government debt crisis, a global pandemic, and an energy crisis-and survived. Using a model focusing on households, this Weekly Report shows that the monetary union’s stability is rooted in the fact that the...