Bewertung des Inflation-Targeting in Deutschland und im Vereinigten Königreich Die Autoren vergleichen die Geldpolitik der britischen und der deutschen Währungsbehörden und die bei der Eindämmung der Inflation seit den 50er Jahren erzielten Ergebnisse. Sie erläutern das langfristige...

Equity prices have been falling since March 2000. How far can they fall before they reach bottom? The current bear market differs from the mid-1970s plunge in equity prices in terms of the causes and, consequently, the factors that should be monitored to test its progress. In the 1970s, the bear...

A rebound of consumption, investment, and consumer confidence in the second half of 2003 has raised hopes that the United States' recovery from the 2001 recession is on a sustainable course. According to this brief by Philip Arestis and Elias Karakitsos, however, the trend in the short-term...

In an asset and debt deflation, the process of reducing debt by saving and curtailing spending takes a long time, say authors Philip Arestis and Elias Karakitsos. Current imbalances and poor prospects for spending in the private sector affect the balance sheets of the commercial banks. The...

This contribution discusses the origins of the Great Recession and also offers suggestions for possible cures. The focus in explaining the origins of the crisis is on two features: the experience in the us with financial liberalisation is most telling in terms of the cause of the current crisis....

Central banks have an aversion to bailing out speculators when asset bubbles burst, but ultimately, as custodians of the financial system, they have to do exactly that. Their actions are justified by the goal of protecting the economy from the bursting of bubbles; while their intention may be...

All of the various schemes that have been put forward to resolve the current credit crisis follow either the "business as usual" or the "good bank" model. The "business as usual" model takes different forms--insurance or guarantee of the assets or liabilities of the financial institutions,...

From this paper's Preface, by Dr. Dimitri B. Papadimitriou, President: A rebound of consumption, investment, and consumer confidence in the second half of 2003 has raised hopes that the U.S. economic recovery from the 2001 recession is on a sustainable course. According to this brief by Philip...