Als im Jahr 1973 das internationale Währungssystem von Bretton Woods zusammenbrach, stand die D-Mark als stabile Währung weltweit an der Spitze ihres Ansehens. Der Dollar unterlag einem permanenten unter Abwertungsdruck, weil die amerikanische Federal Reserve über Jahre das USHaushaltsdefizit...

The euro area is facing crisis, while the US is not, though the overall fiscal situation and outlook is better in the euro area than in the US, and though the US faces serious state-level fiscal crises. A higher level of fiscal federalism would strengthen the euro area, but is not inevitable....

This thesis was written by Jakob Eberl while having been a research assistant at the Center for Economic Studies (CES) at the University of Munich. It was completed in December 2015 and accepted as a doctoral thesis by the Department of Economics at the University of Munich in May 2016. The...

The euro area is facing crisis, while the US is not, though the overall fiscal situation and outlook is better in the euro area than in the US, and though the US faces serious state-level fiscal crises. A higher level of fiscal federalism would strengthen the euro area, but is not inevitable....

Als im Jahr 1973 das internationale Währungssystem von Bretton Woods zusammenbrach, stand die D-Mark als stabile Währung weltweit an der Spitze ihres Ansehens. Der Dollar unterlag einem permanenten unter Abwertungsdruck, weil die amerikanische Federal Reserve über Jahre das USHaushaltsdefizit...

Both Japan and parts of the European Monetary Union have experienced boom and bust in stock and real estate markets, which have been followed by a lasting crisis. The paper analyses the role of a high degree of regional heterogeneity for public debt and monetary policy in the context of crisis....

The theory of optimal currency areas states that a currency union may succeed if the participating countries have complementary industry structures. If this is not the case a currency union does not, inevitably, have to fail because market forces will induce adjustments of the industry...

California faces a significant pension-funding crisis. It has increased government-worker pensionbenefits repeatedly since the 1980s. Meanwhile, a California Supreme Court doctrine—theCalifornia Rule—has been understood to forbid cutting benefits for any currently employedgovernment workers,...

The COVID-19 outbreak has cut China's supply of and raised the world's demand for face masks, disinfectants, ventilators, and other critical medical goods. This article studies the economic and political factors that are associated with China's exports of medical equipment during the first two...