Sparer mit niedrigen Vermögen leiden unter der Geldpolitik der EZB besonders stark, wird häufig kritisiert. Deshalb untersuchen die Autoren die realen Renditen, die deutsche und österreichische Haushalte verschiedener finanzieller Vermögensgruppen in Zeiten extrem niedriger Zinssätze...

In this paper, we present a newly generated data set on real returns of households' aggregated asset holdings, which adds additional and more sophisticated information to existing relevant datasets in the literature. To do this, we draw on various datasets from public and private sources and...

This paper examines the real return that households in large euro area countries achieved with their financial portfolios since the onset of the euro. A newly compiled dataset shows that, contrary to widespread belief, overall real returns did not decline in the low interest environment. Indeed...

This book develops a new theoretical approach to the explanation of systemic financial crises in industrial and emerging market countries. In contrast to standard models, the present cyclical approach is consistent with the following three stylized facts. Firstly, systemic financial crises are a...